THE DAILY ENCRYPT

September 25, 2022

Authorities from South Korea Look to Cancel Do Kwon’s Passport

South Korea's Ministry of Foreign Affairs wants Do Kwon (co-founder of Terraform Labs stablecoin provider Terraform Labs), to return his passport , according to a...
two south korea flags
Photo by Big_Heart

South Korea’s Ministry of Foreign Affairs wants Do Kwon (co-founder of Terraform Labs stablecoin provider Terraform Labs), to return his passport , according to a local media report.

On Wednesday, the arrest warrant was issued for Terra CEO and five other Terra employees.

Do Kwon along with five others, all South Korean nationals, are residing in Singapore. A South Korean court issued them an arrest warrant Wednesday and charged them with violation of the Capital Markets Act.

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The warrants were issued after the collapse in the \$40 Billion Terra ecosystem. This resulted a crypto “bloodbath and several related bankruptcies including Three Arrows Capital, based in Singapore.

Five others are ordered to return passports

The Ministry of Foreign Affairs in South Korea also issued an order for the five other individuals to return their passports. Munhwa reported that the order was issued after the Seoul Southern District Prosecutor’s Office for Financial and Securities Crimes demanded the passports of six people be cancelled.

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The passport invalidation process can take up to a month so the prosecutors will likely pressure the six people to return their passports by the due date.

Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".
Vitalik Ivanov

Vitalik Ivanov

Vitalik is a speaker / journalist. He has spoken and given presentations at many blockchain events across the world. Vitalik is based in the UK, he loves to travel and calls Dubai his "crypto home". Vitalik has enjoyed speaking at blockchain events and has a main focus on CBDC's, NFT's and altcoins. Vitalik says "Everything, and i mean everything will be an NFT one day".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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