Terra's Founder Will Lose His South Korean Passport Soon

Do Kwon Faces Passport Revocation Amid Terra Collapse Investigation

Do Kwon, the founder of Terra, is about to lose his South Korean passport as authorities put pressure on the fugitive. 

The South Korean officials have ordered Do Kwon to come home and face prosecution in connection with the $60 billion Terra ecosystem collapse.

Do Kwon has lately been placed on Interpol's watchlist. However, his current whereabouts are unknown. The South Korean authorities have stated that the Terra founder must return the passport within 14 days or it would be revoked.

Terra's fall was a watershed event in crypto history, resulting in enormous capital erosion for investors. Do Kwon, the founder of the TerraUSD stablecoin, and five others have been charged for violating South Korea's capital markets law.

Do Kwon denies that his assets have been frozen

Earlier on Wednesday, it was reported that South Korean authorities had frozen Kwon's crypto assets worth $39.6 million. There were also prior claims that the Luna Foundation Guard had transferred 3,313 Bitcoin to cryptocurrency exchanges KuCoin and OKX. However, Terra's founder at the time denied these allegations as baseless. Do Kwon recently remarked on Twitter:

“I'm not sure what motivates people to promote this myth - muscular flexing? But for what purpose? Again, I don't even use Kucoin or OkEx since I don't have time to trade and no funds have been frozen. I'm not sure whose funds they've frozen, but excellent for them; I hope they utilize it wisely.”

He also took a jab at South Korean officials, saying “it's no wonder that crypto is most popular in countries that use state institutions against their own people for political benefit. Revolutions begin inside - reap what you sow.”

Do Kwon previously stated that if an inquiry was launched, he would assist the authorities. Despite several demands, he has yet to determine whether or not to appear before them.