South Korea’s Ministry of Overseas Affairs on Oct. 6issued an order for Terraform Labs CEO Do Kwon to give up his passport.

The fugitive co-founder should hand over his Korean passport to authorities inside 14 days of the order. Failure to conform will end result within the cancellation of his passport altogether and the rejection of requests for reissuance sooner or later.

One other native report noted that the passport return order was issued for a complete of six Terraform Labs workers together with Kwon.

South Korean authorities have made important efforts to get their arms on Kwon — aKorean courtroom issued a warrantfor his arrest on Sept. 14, adopted by an Interpol Crimson Discover issued on Sept. 26. Nonetheless, his actual present whereabouts are unknown.

Kwon turned fairly a controversial determine within the aftermath of the Terra ecosystem implosion, which resulted in a lack of over $40 billion in buyers’ cash. Even after the issuance of the arrest warrant and Interpol discover, the fugitive crypto founder claimed that he had not been contacted by any authorities concerning any investigation.

Korean police reportedly arrest first individual concerned in Terra collapse

The Do Kwon saga took one other flip final month as native experiences recommended that Korean authorities have requested the freezing of $67 million value of Bitcoin (BTC) reportedly tied to the contaminated co-founder. Kwon once more got here out to disclaim that the funds have been his and even claimed that he had not used the 2 crypto exchanges talked about within the report in two years.

Do repeatedly has implied that the South Korean authorities retains mendacity about his case https://t.co/enaKqXBi77

— Laura Shin (@laurashin) October 5, 2022

Terraform Labs, the developer agency behind the Terra ecosystem, claimed that the case towards Kwon is extremely politicized. A spokesperson from the corporate mentioned that prosecutors gave in to public strain and expanded the definition of a safety after its related cryptocurrencies collapsed.