Local reports from South Korea claim that the foreign ministry of the country is trying to cancel the passport of Terraform Labs Do Kwon co-founder. This story was published on the same day that Seoul's Southern District Prosecutors Office issued an arrest warrant for Kwon.
Local Report: South Korean Officials Target Do Kwon's Passport
Bitcoin.com News published a report on Do Kwon (co-founder of Terraform Labs) and the Forkast News report that stated that South Korean officials had issued a warrant for Kwon’s arrest. Kwon is believed currently to be in Singapore and, in recent interviews, the Terraform Labs founder stated that he was "devastated" by the collapse of his crypto project.
Kwon is accused of committing shady acts, including allegedly cashing out $2.7 Billion before the once-stable UST was depegged from $1 parity. Kwon, Terraform Labs and his associates are also facing a class action lawsuit for allegedly selling unregistered security securities. Kwon was arrested on a reported warrant. Munhwa, a South Korean newspaper published an editorial stating that Kwon's passport may be in danger.
According to Munhwa, the South Korean Ministry of Foreign Affairs is looking to revoke Do Kwon's passport. According to the local reporter, the passport invalidation process could take as long as 30 days.
Munhwa's editorial notes that South Korean law enforcement officials want Kwon to come back to South Korea to be questioned. Kwon stated that no South Korean officials have contacted him regarding any investigation during a one-hour interview with coinage.media, published mid-August.
A report in June noted that the U.S. Securities and Exchange Commission was also investigating Terraform Labs and the project’s stablecoin crash. Another report stated that South Korean prosecutors raided Shin Hyun-seong, Shin Hyun-seong's home as a result of a raid by Kwon's partner.
According to official records, Kwon also disbanded Terraform Labs just days before the project's collapse. Three other members of Terraform Labs' in-house legal department abruptly resigned during the fallout from the blockchain project.
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By: Jamie Redman
Title: South Korea’s Ministry of Foreign Affairs Plans to Revoke Do Kwon’s Passport: Report
Sourced From: news.bitcoin.com/south-koreas-ministry-of-foreign-affairs-plans-to-revoke-do-kwons-passport-report/
Published Date: Thu, 15 Sep 2022 19:30:03 +0000
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