- The South Korean Ministry of Foreign Affairs said in a statement Tuesday that Do Kwon’s passport would be withdrawn in 14 days.
- It will be difficult for Kwon to leave South Korea or reside abroad if he chooses to keep his documents because he won’t be allowed to utilize them or be eligible for a reprint.
- In May of this year, Kwon’s creation Terra unexpectedly flopped, losing nearly $20 billion over a few days.
The passport of Terra‘s Do Kwon would be revoked in 14 days, according to a statement made yesterday by the South Korean Ministry of Foreign Affairs. The Ministry further directed the return of the passport to the proper authorities.
If you [Kwon] keep the passport, its validity would be administratively invalidated, according to the declaration. If Kwon decides not to give up his documents, he won’t be able to use them and won’t be eligible for a reissue, making it challenging for him to leave South Korea or live overseas.
Kwon is a founding member of Terraform Labs, the group responsible for the now-defunct cryptocurrency project Terra. In May, Terra collapsed along with its stablecoin UST and governance token LUNA, wiping out about $40 billion in investor funds in the process.
Later, Kwon stated that he had not utilized the in-question transactions and that the cash was not his.
He persisted in a recent pattern of making assertions that disagreed with what South Korean officials had indicated. Despite a South Korean arrest warrant still being active and statements from Singaporean authorities claiming they were unable to find him, he claimed he could not locate an Interpol “Red Notice” on the intergovernmental police organization’s public website and refuted claims that he was “on the run.”
For something that has notice in the name it sure gives no notice— Do Kwon 🌕 (@stablekwon) September 26, 2022
Tried to search it here, found nothing: https://t.co/SuX3aIu6r6
The company that created the Terra ecosystem token, Terraform Labs, claimed in an earlier statement that the arrest order was illegal and that the probe was “extremely political” and in violation of fundamental rights.
Kwon’s creation Terra abruptly failed in May of this year, losing about $20 billion over a few days. Requests for comment were not immediately answered by Terra or Kwon.
Interpol red notices, which ask law enforcement agencies globally to find and temporarily detain a person pending extradition, surrender, or equivalent legal action, are issued for fugitives sought either for prosecution or to serve a sentence.