Terra Founder Passport Rescinded…Here’s What Happens Next?
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Answer Terra Founder Passport Rescinded…Here’s What Happens Next?
Earlier this month, South Korean prosecutors announced that if Terra founder Do Kwon failed to appear, his passport would be revoked.
The deadline for this was set on October 19, i.e. next week.
For your information, Do Kwon is currently on the red notice and there is still no information about his whereabouts.
South Korean prosecutors were looking for Do Kwon to investigate the $60 billion internal collapse of the Terra ecosystem that occurred in May 2022.
The collapse of the Terra ecosystem has led to several bankruptcies and defaults in the crypto space in the past months.
Although Do Kwon stated that he would cooperate with investigative agencies, he failed to attend despite numerous requests.
Read:The digital currency FTT rises to its highest level in 3 weeks … Find out the reasons for its rise
As a result, South Korean prosecutors decided to invalidate his passport after the October 19 deadline.
If the passport is revoked, Do Kwon could become an illegal resident and be subject to deportation.
Earlier today, October 10, the South Korean Ministry of Foreign Affairs and the Seoul Southern District Attorney’s Office said that they had already asked Do Kwon to return his passport last week on October 5.
If the passport is not returned within 14 days of the declaration, it will lose its validity according to Article 13 of the Passport Law.
Consequently, Do Kwon will become illegally residing in the place subject to deportation after October 19.
Terra founder continues to deny the accusations:
The Terra founder denied the charges and claimed no wrongdoing.
In his latest tweet, the Terra founder stated that state institutions are using cryptocurrencies as a weapon against people for political gain.
In the past two weeks, prosecutors have frozen Terraforms Lab’s bitcoin reserves and moved to crypto exchanges OKX and KuCoin.
But Do Kwon said the frozen money did not belong to him.
Read:The founder of the cryptocurrency exchange FTX announces the launch date of the second version of the platform “FTX v2”
South Korean prosecutors have expanded their investigation beyond Do Kwon.
They were looking for five more people and partners closer to Do Kwon.
Prosecutors stated that it was necessary to arrest the head of Terraform Labs, for further investigation.
But the court rejected the warrant, saying that it was difficult to see the necessity and reasonableness of the arrest warrant.
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