Do Kwon’s passport will be revoked by South Korea’s ministry of foreign affairs, according to a report

October 18, 2022

South Korean Crypto Exchanges to Form Body to Avoid Another Terra LUNA-Style Collapse, According to a Report

Do Kwon’s passport will be revoked by South Korea’s ministry of foreign affairs, according to a report. According to local reports from South Korea, the Ministry of Foreign Affairs is seeking to cancel the passport of Doo Kwon, one of the founders of Terraform Laboratories. The story comes a day after it was announced that the Seoul South District Prosecutor’s Office had issued an arrest warrant for Kwon. On Wednesday, September 14, 2022, News announced a report on Forecast News that Do Kwon, founder of Terraform Labs, and South Korean authorities issued an arrest warrant for Kwon. Kwon is now believed to be living in Singapore, and in a number of recent interviews, the Terraform Labs co-founder said he was “devastated” when his crypto project collapsed. However, Kwon has been accused of shady dealings, such as making $2.7 billion before the once-fixed UST currency split from its $1 equivalent. Guan, Terraform Labs and its partners are also facing a class action lawsuit alleging they sold unregistered securities. After the warrant was issued for Kwon’s arrest, South Korea’s Munhwa newspaper published an editorial the next day saying there might be a problem with Kwon’s passport. According to Moonhwa, South Korea’s Ministry of Foreign Affairs is allegedly canceling Do Kwon’s passport. A local journalist reports that the passport cancellation process can take up to 30 days.

Munhwa also notes that South Korean police officials want Kwon to return to South Korea for trial. In an hour-long interview with published in mid-August, Kwon said he had not been contacted by South Korean authorities about any investigation. In addition to South Korea, a June report indicated that the US Securities and Exchange Commission (SEC) is investigating crypto firm Terraform Labs and the project’s stablecoin collapse. The following month, another report said South Korean prosecutors raided the home of Kwon’s partner and Terraform Labs co-founder Shin Hyun-song. Official records also show that Kwon disbanded the Terraform Labs project days before his death. Three Terraform Labs’ in-house legal team members abruptly resigned amid fallout from the blockchain project.

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