Do Kwon’s ordered to give up South Korean passport inside two weeks or its revoked

Woes dealing with troubled Terra Labs founder Do Kwon are deepening after South Korean authorities threatened to revoke his passport. 

In keeping with authorities, Kwon, whose whereabouts stay unknown, has been ordered handy over the doc inside 14 days or be revoked as he faces the potential for prosecution following the over $60 billion Terra (LUNA) ecosystem crash, South Korean Ministry of International Affairs announced.

Following the crash, a Seoul courtroom issued an arrest warrant towards Kwon, requiring him to return to the nation. Initially, it was assumed the founder was residing in Singapore.

Kwon, who has since denied any wrongdoing within the crash, can also be below a purple discover issued by Interpol as he dismisses the fugitive standing. 

Luring Kwon again to South Korea

The directive to have Kwon give up his passport could be seen as one of many measures to lure him again to South Korea to face costs. Notably, Kwon is dealing with costs of fraud alongside 5 different folks for allegedly violating South Korea’s capital-markets regulation. On the identical time, one in all Kwon’s associates in managing Terra Labs has since been arrested. 

Consequently, the federal government has resorted to totally different measures to tame Kwon. As an illustration, prosecutors reportedly froze Kwon’s $40 million in property. 

Freezing Kwon’s property 

Nonetheless, Kwon has since denied the allegation via Twitter, the place he’s lively amid the authorized troubles. 

“I don’t get the motivation behind spreading this falsehood – muscle flexing? However to what finish?As soon as once more, I don’t even use Kucoin and OkEx, don’t have any time to commerce, no funds have been frozen. I don’t know whose funds they’ve frozen, however good for them, hope they use it for good,” he stated in a tweet on October 5. 

This comes after South Korean prosecutors in September froze about $27.four million belonging to Kwon held the KuCoin pockets whereas crypto alternate Okex has just lately accepted authorities calls for to freeze a further $39.6 million. 

Just lately, allegations of fraud towards Kwon have escalated after the emergence of suspicious transactions linked to the founder. Finbold reported on September 27 that Kwon allegedly transferred about  3,313 BTC after information emerged that South Korean prosecutors had issued an arrest warrant for Kwon. 

Featured picture through Terra YouTube.