Do Kwon Could Soon Lose His South Korean Passport

Terra founder Do Kwon is quickly set to lose his South Korean passport as authorities look to accentuate the strain on the fugitive. The South Korean authorities have requested Do Kwon to return again dwelling and face the costs over the $60 billion crash of the Terra ecosystem.

Note that Do Kwon has additionally been on the radar of Interpol just lately. However, his location as of now nonetheless stays unclear. The South Korean authorities have stated that the Terra founder should hand the passport again or it shall be revoked in about 14 days.

Terra’s implosion was a watershed second within the historical past of crypto which led to an enormous erosion of buyers’ wealth. Do Kwon, who was behind the TerraUSD stablecoin, has been accused of violating South Korea’s capital markets regulation, together with 5 different individuals.

Do Kwon Denies That His Assets Are Frozen

Earlier on Wednesday, there have been stories that the South Korean prosecutors have frozen $39.6 million value of Kwon’s crypto holdings. Also, there have been earlier reports that the Luna Foundation Guard had moved 3,313 Bitcoin to crypto exchanges KuCoin and OKX. But again then, Terra’s founder denied these expenses calling them baseless. In his latest tweets, Do Kwon acknowledged:

I don’t get the motivation behind spreading this falsehood – muscle flexing? But to what finish? Once 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 additional took a jibe at South Korean authorities noting: “It’s no surprise that crypto is most popular in countries that weaponize state institutions against their own people for political gain. Reap what you sow – revolutions start from within”.

Do Kwon beforehand acknowledged that he would cooperate with the authorities within the case of an investigation. However, he hasn’t but determined to return earlier than them regardless of a number of requests.

Bhushan is a FinTech fanatic and holds a very good aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and typically discover his culinary abilities.

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