Authorities Revoke The Passport Of Do Kwon, The Founder Of Terra

2 years ago · Updated 2 years ago

✍️ 16 September, 2022 - 16:24 👤 Editor: Jakub Motyka

After the announcement of the arrest warrant for Do Kwon as responsible for the fall of Terra (LUNA) and UST, the prosecution has taken a new step.
They formally requested the annulment of the passports of several TerraForm Labs employees.

TerraForm Labs CEO Do Kwon and CFO Mo Han are under investigation.

Following the announcement of the arrest warrant for Do Kwon and other Terraform Labs employees, the prosecution urged the South Korean Ministry of Foreign Affairs to revoke their passports. This, as a measure of pressure due to the suspicion of his participation in the events that triggered the fall of Terra (LUNA) and UST. This fact not only caused great losses for the country, it also meant a heavy blow to the crypto market.

According to local South Korean media Munhwa News, the Securities Financial Crimes Joint Investigation Team of the Seoul Southern District Public Prosecutor's Office has requested the annulment of the passports of Do Kwon and 5 other promoters of the project. They plan to contact Interpol and convert the South Korean arrest warrant into an international one.

What Was The Crime Of Do Kwon And The Rest Of Terra's Workers?

Do Kwon and the rest of the members related to the case have been linked to the events that led to the collapse of the Terra (LUNA) ecosystem and UST. The indictment implicates Terra employees, headed by Do Kwon, for violating the country's Capital Markets Law. However, despite an ongoing investigation, the aforementioned are located in Singapore. This country does not have an extradition treaty with South Korea, making his capture impossible.

People listed in the report include Do Kwon, Mo Han, Mo Yu as part of the Terraform Labs team based in Singapore. They also mention the Greek Nicholas Platias, a founding member of Terraform Labs, whose current location is unknown.

What Does It Mean When The South Korean Prosecutor Asks For The Passport To Be Revoked?

Once the prosecution's order is fulfilled, the South Korean Ministry of Foreign Affairs will send a return notice directly to the individuals. Then the notice will be published on the ministry page for two weeks.

Singapore does not have an extradition treaty with South Korea, so it is not legally obliged to return people requested by the prosecution. In case the defendants do not come forward voluntarily, they could take other legal actions to a new level.

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