July 24, 2024


Technology and Computer

Terra’s Do Kwon set to lose passport weeks after Interpol red notice • TechCrunch

Terra’s Do Kwon set to lose passport weeks after Interpol red notice • TechCrunch

South Korea has ordered Do Kwon to surrender his passport, or possibility finding it revoked, as the East Asian nation escalates actions versus the crypto entrepreneur whose blockchain collapse before this 12 months wiped investors’ $40 billion.

The South Korean federal government has given Kwon 14 times to comply with the new purchase, it explained in a detect on the website Thursday. The purchase follows Interpol issuing a red detect against the crypto entrepreneur last month, requesting legislation enforcement organizations worldwide to identify and arrest him.

Kwon’s latest whereabouts is not known, but he is holding his followers up to date with his existence by way of Twitter.

On Wednesday, he refuted promises that his crypto money had been frozen after media studies mentioned South Korean prosecutors had escalated actions from him.

Korean media outlet News1 claimed that prosecutors experienced frozen $39.6 million of crypto belongings tied to the Terraform Labs founder and chief govt. The report was amplified by CoinDesk, a well-liked crypto-focused news outlet.

In response, Kwon labelled the information product as “falsehood,” the moment yet again reiterating that he doesn’t use KuCoin and OkEx. “Have no time to trade, no money have been frozen,” he mentioned. “I don’t know whose funds they’ve frozen, but superior for them, hope they use it for superior,” he included.

The collapse of Terra cryptocurrency (Luna) and the so-termed stablecoin TerraUSD (UST) in May well wiped out investors’ $40 billion, prompting an uproar that triggered the prosecutors to start investigations into Kwon and his colleagues.

Kwon has earlier explained that he is not striving to disguise from the authority and is not on the run, a characterization the South Korean prosecutors have refuted.