According to the news of the South Korean newspaper Munhwa, South Korean prosecutors were released today from the country’s foreign ministry. Terra (Luna) demanded that the founder Do Kwon’s passport be revoked.
South Korea Wants To Revoke Terra (Luna) Founder Do Kwon’s Passport
This news comes one day after the Seoul Southern District Attorney’s Office issued an arrest warrant for Kwon, who was charged under the Securities and Exchange Law along with five others.
Prosecutors also sought the cancellation of the passports of 4 other people, except for Nicholas Platias, another Terraform Labs founder, who is not a Korean citizen.
Authorities will continue to pressure Kwon to return to South Korea, considering that it may take up to a month for passports to be invalidated.
It was known that Do Kwon was last in Singapore. Canceling his passport will prevent him from going to other countries.
Company stablecoin TerraUSD, It collapsed from its fixed price in May, crashing the Terra ecosystem and causing it to lose nearly $40 billion in value.
Terraform Labs and related organization Luna Foundation Guard tried to revive TerraUSD, but they were unsuccessful.
Announcing its plans to rebuild the Terra ecosystem, Kwon continues to face lawsuits from angry investors.
Kwon said in an interview in August that Korean investigators had never contacted him and that it was difficult for him to make a decision about returning to South Korea.
He also stated that he was not in Singapore to escape the inspectors.
“What we’re going to do is just reveal the facts that we know. “We will be completely honest and deal with it, whatever the consequences,” he said.
*Not investment advice.
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