Terra Founder’s Passport Will Be Invalidated Next Week, Here’s What Happens Next

Earlier this month, the South Korean prosecutors announced that if Terra founder Do Kwon failed to show up they would be invalidating their passport. The deadline for the same has been set to October 19 next week.

Note that Do Kwon is currently on the Red Notice and there’s still information regarding his whereabouts. The South Korean prosecutors have been looking out for Do Kwon to investigate the $60 billion implosion of the Terra ecosystem. in May 2022.

The Terra ecosystem collapse led to several bankruptcies and defaults in the crypto space in the following months. Although Do Kwon stated that he would be cooperating with the investigative agencies, he has failed to show up despite several requests.

As a result, the South Korean prosecutors have decided to invalidate his passport after the deadline of October 19. If the passport gets invalidated, you can become an illegal resident and be subject to deportation.

Earlier today, October 10, South Korea’s Ministry of Foreign Affairs and the Seoul Southern District Prosecutors’ Office stated that they had already requested Do Kwon for returning his passport last week on October 5. If the passport isn’t returned within 14 days of the announcement, it will lose its validity in accordance with Article 13 of the Passport Act. Thus, Kwon will become an illegal resident of the place subject to deportation after October 19.

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Do Kwon Denies Charges

Terra founder Do Kwon has denied the charges levied against him and claims no wrongdoing. In his tweet last the Terra founder last stated that state institutions have been weaponizing crypto against people for their political gains.

In the last two weeks, prosecutors have frozen Terraforms Lab’s BTC reserves and moved to crypto exchanges OKX and KuCoin. However, Do Kwon said that the frozen funds don’t belong to him.

The South Korean prosecutors have extended their investigation beyond Do Kwon. They have been looking for five other people and associates closer to Kwon. The prosecutors stated that it was necessary to arrest the chief of Terraform Labs, Yoo Mo, for further investigation. But the court dismissed the warrant stating “It is difficult to see that there is a necessity and plausibility of arrest.”

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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