Over recent several weeks, the South Korean government continues to be monitoring those activities from the Terrafarms Labs, Chief executive officer – Do Kwon. In mid May, the whole Terra community crashed and faced a dreadful issue affecting the investors and also the users. Following a South Korean government bodies was trying to arrest Do Kwon for that huge lack of investors on terraUSD and luna cryptocurrencies.
As the problem is at its peak, the South Korean Secretary of state for Foreign Matters sent the official warning to Kwon to surrender his passport towards the government bodies. The Government bodies order Kwon to come back his Korean passport within fourteen days, short notice.
If he fails, a rigid statement is revealed saying, if he does not give his passport, then your government will cancel his passport overall. Additionally, the MFA also cautioned he’ll be facing rejections while requesting for any new passport later on.
Do Kwon’s South Korean Passport is Invalid
To consider deep dive into this problem, it’s not a brand new situation of Kwon in Columbia. In Mid of September 14, the judicial court of Korea elevated a arrest warrant to Kwon for any fraudulent act. Following, an Interpol issued a red notice was issued on September 28, for any $60B wipeout from the organization.
Despite each one of these serious evolution not only is it underneath the monitor from the government bodies, Kwon’s current location remains unknown. These problems made Kwon a well known figure in the united states immediately after the Terra crash.
As the South Korean governments are facing a frightening time, they’re restricting all of the connections associated with Kwon. Furthermore, the South Korean government bodies purchased the very best two crypto exchanges to freeze over $60 million price of bitcoin associated with Do Kwon.
Considerably, the rules tend to be more strict for Do Kwon because the Terra crash affected a sizable investor community. Therefore producing a huge loss over $40 billion in value in a couple of days.
In addition, the return from the passport isn’t just for that Chief executive officer – Do Kwon , it’s also for six more employees of Terraforms Labs.
