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South Korea’s Ministry Of Foreign Affairs Plans To Revoke Do Kwon’s Passport: Report

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South Korea’s Ministry Of Foreign Affairs Plans To Revoke Do Kwon’s Passport: Report

According to local reports stemming from South Korea, the country’s foreign ministry is looking to invalidate the co-founder of Terraform Labs Do Kwon’s passport. The story was published the day after it was reported that Seoul’s Southern District Prosecutors Office issued a warrant for Kwon’s arrest.

Local Report Says South Korean Officials Are Targeting Do Kwon’s Passport

On Wednesday, September 14, 2022, Bitcoin.com News reported on Do Kwon, the co-founder of Terraform Labs, and the report published by Forkast News that said South Korean officials issued a warrant for Kwon’s arrest. Kwon is believed to be living in Singapore at the moment and in a few recent interviews, the Terraform Labs co-founder said he was “devastated” when his crypto project collapsed.

However, Kwon has been accused of shady acts such as allegedly cashing out $2.7 billion before the once-stable coin UST depegged from its $1 parity. Kwon, Terraform Labs, and his associates also face a class-action lawsuit for allegedly selling unregistered securities. Following the reported arrest warrant for Kwon, the next day the South Korean newspaper Munhwa published an editorial that says Kwon’s passport might be in trouble.

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According to the Munhwa report, South Korea’s Ministry of Foreign Affairs is reportedly looking to revoke Do Kwon’s passport. The local reporter notes in the report that the passport invalidation process could take up to 30 days.

The Munhwa editorial also notes that South Korean law enforcement officials would like Kwon to return to South Korea for questioning. During an hour-long interview with coinage.media published in mid-August, Kwon said South Korean officials had not contacted him about any investigations.

In addition to South Korea, a report noted in June that the U.S. Securities and Exchange Commission (SEC) was investigating the crypto firm Terraform Labs and the project’s stablecoin collapse. The following month, another report claimed South Korean prosecutors raided the home of Kwon’s partner and Terraform Labs co-founder Shin Hyun-seong.

Official records further indicate that Kwon dissolved Terraform Labs days before the project’s demise. Three members of the Terraform Labs in-house legal team abruptly resigned amid the blockchain project’s fallout as well.

Tags in this story

Chai Corporation, Choi Sung-kook, do kwon, LUNA 2.0 token, Munhwa report, Nicholas Platias, passport, SEC, South Korea, South Korea’s Ministry of Foreign Affairs, Terra, Terra LUNA and UST, terraform labs, TerraUSD, terrausd investigation, UST, ust investigation

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Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Chai Corporation

Report: South Korean Prosecutors Issue Arrest Warrant For Terraform Labs CEO Do Kwon

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Report: South Korean Prosecutors Issue Arrest Warrant For Terraform Labs CEO Do Kwon

A warrant for the arrest of Do Kwon and five others has reportedly been issued by prosecutors in South Korea. The prosecutors allege that Kwon and his co-accused violated the country’s capital markets law. In addition to the arrest warrant, prosecutors will reportedly request an Interpol red notice for the Terraform Labs chief executive officer.

Terraform Labs Executives Accused of Violating South Korean Capital Markets Law

Prosecutors in South Korea have reportedly issued an arrest warrant for Terraform Labs co-founder and chief executive officer Do Kwon. The prosecutors allege that Kwon and five other Terraform Labs affiliates, among other charges, violated the country’s capital markets law.

Choi Sung-kook, a prosecutor at the Seoul Southern District Prosecutors’ Office, is quoted in a report by Forkast News confirming the issue of the arrest warrant. However, as per the report, Sung-kook would not be drawn into revealing the other charges that have been leveled against Kwon and his partners.

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Since the spectacular collapse of the cryptocurrency LUNA (now LUNC) and the once-stable coin UST (now USTC), South Korean prosecutors have been investigating Kwon and his associates. However, until now no arrest warrant had been issued against the Terraform Labs CEO and his affiliates.

Interpol Red Notice

In the meantime, a report in Nikkei Asia quotes an unnamed “spokesperson for prosecutors” also confirming the issuing of an arrest warrant for six people.

“An arrest warrant has been issued for a total of six people, including Do Kwon, who is currently residing in Singapore,” the spokesperson is quoted saying.

Besides Kwon, the Forkast News report identified the former head of research at Terraform Labs, Nicholas Platias, and the CEO of Chai Corporation — simply known as “Han” — as the two other wanted individuals.

In addition to the arrest warrant, South Korean prosecutors reportedly said they will seek an Interpol red notice for Kwon.

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Reports of South Korean prosecutors issuing an arrest warrant for Kwon and five others come just days after the price of LUNA 2.0 — the successor to Luna — surged by more than 200% in just 24 hours. However, at the time of writing, the U.S. dollar value of the token has dropped to $2.90 from a high of $6.87.

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Poetra.RH / Shutterstock.com

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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