Claim Giveaway Token Proof of Reserve

Do Kwon of Terra Luna may need to return to South Korea

16-Sep-2022 By: Ashish Sarswat
Do Kwon of Terra Lun

Do Kwon, the founder of Terra LUNA Labs, 

could have to move back to Seoul in light of the important announcement made by the South Korean government.

However, it has been claimed that Terra Head is to blame for the worldwide crypto market's demise.

Terra Luna's leader was given notice.

The request to revoke Do Kwon's travel passport reportedly went through the foreign ministry of South Korea. The Terra Luna chief would have to return to the country within 14 days after receiving the notification of revocation, though, if the ministry proceeds with this request.

Prior to this, Do Kwon of Terra Luna was the subject of an arrest order issued by South Korean police, according to CoinGabbar. To extradite Terra head from Singapore, the prosecutors will cooperate with Interpol to issue a Red Notice.

The report also stated that according to Korean authorities, Do Kwon might be able to remain in Singapore without a visa. The leader of Terra Luna is accused of breaking the capital markets law. Kwon, however, has not responded to this issue.

More than $60 billion from the cryptocurrency market was lost as a result of Terra Classic's (LUNC) and TerraClassicUSD's (USTC) demise. The investor's faith in the digital asset market was subsequently shaken by this.

Do Kwon in serious peril?

However, a few LUNA investors have complained to the local government. They claimed that Do Kwon had engaged in illicit fundraising and fraud. It further stated that LKB & Partners had filed a complaint with the district attorney.

More than 280K South Koreans may have invested in the Terra Luna, according to the study.

For upcoming legal challenges, Do Kwon of Terra Luna has hired the services of a South Korean law company, according to CoinGabbar. The South Korean prosecutors nevertheless continued to search around 15 cryptocurrency companies. Executive offices of Terra and those of other employees were being raided due to the situation.

Related News
Related Blogs