Thursday, December 8, 2022

Terra Founder Do Kwon to Lose His South Korean Passport

Things are going from bad to worse for the defamed Terra founder Do Kwon at the moment and he might soon lose his South Korean passport as well. This follows after the South Korean authorities gave him a 14-day ultimatum to return his passport or have it revoked if he fails to hand it back. 

Authorities Pile Pressure

The decision to seize Do Kwon’s passport might be in line with efforts to restrict his movement and force him out of hiding.

Do Kwon is billed to return home and answer to the charges of the Terra crash that led to the loss of over $60 billion from the ecosystem. He faces a long list of allegations including running a Ponzi scheme. Although he has severally denied these allegations, Interpol recently issued a red notice against Do Kwon, making him an international fugitive.

South Korean authorities are insisting that Do Kwon, alongside five others, violated the country’s capital markets law and must face the charges. 

Strong Words From Do Kwon Amid Reports of Assets Freeze

Meanwhile, several reports also filtered through on Wednesday about South Korean prosecutors freezing around $39.6 million worth of Kwon’s crypto holdings. The report came on the heels of a previous one which claimed that there was an attempt to cash out over 3,000 Bitcoins by the Luna Foundation Guard. However, Do Kwon repeatedly debunked the claims, calling them ‘misinformation.’ In a recent tweet, Do Kwon wrote in part:

“There is no “cashout” as alleged. I havent used kucoin or okex in at least the last year, and no funds of tfl, lfg or any other entities have been frozen.”

It might be noteworthy that Do Kwon is still yet to present himself to the authorities after several requests. This is despite his claims that he is ready to fully cooperate with them in the ongoing Terra investigations.

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