South Korea invalidates Do Kwon • The Register’s passport from Terraform Lab

South Korea on Wednesday issued a publicly available notice to Do Kwon, the wanted man and founder of Terraform Labs, urging him to return his passport.

State Department Disclosure [PDF] said officials could not deliver the notice to Kwon, so confirmed on his website that he was invalidating his passport and requested its return within 14 days. The ministry also said attempts to reissue the passport could be denied.

Kwon is under an Interpol Red Notice, a mandate for international law enforcement agencies to find and arrest a wanted man.

In mid-September, South Korea issued an arrest warrant for him for allegedly violating the country’s capital markets law.

The warrant followed the $40 billion collapse of his company’s “stablecoin” TerraUSD and similar Luna tokens, sparking a so-called “crypto winter.” The crash was marketed as impossible as the value of the cryptocurrency was pegged to the US dollar. However, this proved wrong and investors lost.

Kwon, who lived in Singapore, fled the city-state, according to the island nation’s police. In response to media reports, the crypto bro began tweeting disrespectfully, a habit he’s known for, and backtracked on Wednesday when his name made the news again.

This time him tweeted To deny a report that South Korea froze $39.6 million of its crypto.

Then he insinuated that the Korean government was corrupt.

Though his whereabouts remain unknown, Kwon has also denied that he is “on the run.”

According to media reports, South Korean prosecutors have made their first arrest in connection with the collapse of Terra-Luna, Terra’s general affairs director. The employee was reportedly arrested on charges of violating the Capital Markets Act, fraud and dereliction of duty.

The individual, referred to only as “Yoo” and rumored to be part of Kwon’s inner circle, is also reportedly accused of using bot programming to inflate and manipulate the market price of the company’s cryptocurrency. South Korean politicians have reportedly called for a special prosecutor for the case.

Financial Services Commission Chairman Kim Joo-hyun told parliament on Thursday that the body would seek improved regulations for cryptocurrency and blockchain technology. ®

https://www.theregister.com/2022/10/06/south_korea_to_invalidate_passport/ South Korea invalidates Do Kwon • The Register’s passport from Terraform Lab

Rick Schindler

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