Following the collapse of the Terra ecosystem, multiple bankruptcies and failures occurred in the crypto industry. As a result, Do Kwon is currently on the Red Notice of Interpol.
Founder Do Kwon did not show up, his passport would be revoked. The deadline has been set for next week, October 19.
Do Kwon is currently on the Red Notice, and there is no information about his location. South Korean authorities have been looking for Do Kwon to investigate the Terra ecosystem's $60 billion implosion in May 2022.
Following the collapse of the Terra ecosystem, multiple bankruptcies and failures occurred in the crypto industry. Although Do Kwon stated that he would cooperate with the investigators, he has yet to appear despite several requests.
As a result, South Korean authorities have decided to revoke his passport after the October 19 deadline (If your passport becomes invalid, you may become an unlawful resident and be deported).
Earlier today, October 10, the South Korean Ministry of Foreign Affairs and the Seoul Southern District Prosecutors' Office said that they had demanded Do Kwon's passport be returned last week, on October 5. If the passport is not returned within 14 days after the announcement, it will lose its validity under Article 13 of the Passport Act. As a result, Kwon will be an unlawful resident of the country liable to deportation after October 19.
Do Kwon Denies Charges
Do Kwon, the founder of Terra, has refuted the accusations made against him and alleges no wrongdoing. The Terra founder recently announced in a tweet that governmental entities have been weaponizing cryptocurrency against individuals for political gain.
In the last two weeks, prosecutors have frozen Terraforms Lab's BTC holdings and transferred them to crypto exchanges OKX and KuCoin. Do Kwon, on the other hand, claimed that the frozen funds did not belong to him.
The South Korean prosecutors have expanded their investigation beyond Do Kwon. They've been seeking five more persons and associates who are close to Kwon. The prosecution claimed that Yoo Mo, the CEO of Terraform Labs, had to be arrested for additional investigation. However, the court dismissed the warrant, adding that it is difficult to demonstrate the necessity and plausibility of the arrest.
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