Terra founder Do Kwon’s passport will be invalidated next week, here’s what will happen next

It should be noted that Do Kwon is currently under an interpol red notice and his whereabouts are still unknown. South Korean prosecutors are looking for Do Kwon to investigate the $60 billion Terra ecosystem implosion in May 2022.

The collapse of the Terra ecosystem led to several bankruptcies and defaults in the crypto space in the following months. Although Do Kwon said he would cooperate with investigative agencies, he failed to appear despite several requests.

As a result, South Korean prosecutors decided to invalidate his passport after the October 19 deadline. If the passport is invalidated, he may become an illegal resident and be subject to deportation.

Earlier on October 10, the South Korean Ministry of Foreign Affairs and the Seoul Southern District Prosecutors’ Office said that they had already asked Do Kwon to surrender his passport last week on October 5. If the passport is not returned within 14 days of this announcement, it will lose its validity according to Article 13 of the Passport Law. Thus, Kwon will become an illegal resident of the place subject to deportation after October 19.

Read:  FTX hacker still in possession of $339 million

Do Kwon denies the charges

Terra founder Do Kwon has denied the accusations against him and says he has not committed any wrongdoing. In his latest tweet, the Terra founder said that state institutions have been using crypto against people for their political gains.

Over the past two weeks, prosecutors have frozen Terraforms Lab’s BTC reserves and moved to OKX and KuCoin crypto exchanges. However, Do Kwon said that the frozen funds do not belong to him.

Read:  Booster with Pfizer vaccine gives more protection to those who received Chinese vaccine

South Korean prosecutors expanded their investigation beyond Do Kwon. They sought five other individuals and associates closer to Kwon. Prosecutors said it was necessary to arrest Terraform Labs director Yoo Mo to further investigate. But the court rejected the warrant, stating, “It is difficult to see that there is a need and plausibility for arrest.

The Best Online Bookmakers May 22 2024

BetMGM Casino