South Korean Authorities Want To Invalidate Do Kwon’s Passport, Intensifying Pressure on Him

The Ministry of Foreign Affairs in South Korea is stepping up its efforts to bring Do Kwon to justice. The government recently put a notice on its website saying that Kwon’s passport will soon be revoked if he doesn’t return it within 14 days.

The purpose of the notification was to inform Kwon of the termination of the authenticity of his passports and procedural disapproval. It reads, “We inform you that the validity of your passports will be invalidated and administratively invalidated.” 

Also, according to the government, the notice was released to the public because the passport return order was returned as undelivered. Additional details might be found in a PDF file that was sent with the notification.

Additionally, Kwon may have issues in the future when he wants to have his passport reissued due to the change in his residency status.

Following the issuance of a red alert against Do Kwon by Interpol for violating the Capital Markets Act, the push to make an arrest warrant for Kwon has increased over the course of the previous few weeks.

JTBC, a local news site, reports that South Korean officials have recently detained one person with the surname Yu. Yu was charged with allegations of breaking the Capital Markets Act.

Hence, they (South Korean officials) are ramping up their efforts to invalidate Kwon’s passport if he fails to recognize the most recent warnings that the authorities have provided.

The Validity of Kwon’s Passport May Expire Shortly

In reaction to the growing number of allegations over the course of time, Kwon has given a number of clarifications that refute the charges that have been made against him. However, the founder of Terraform Labs has not yet disclosed the specifics of his location. This remains a mystery that must first be solved by authorities from all over the world.

Reflection

Do Kwon, now 31 years old, was the creator of the defunct cryptocurrency known as Luna. The cryptocurrency failed in May 2022, causing investors to lose reserves valued at 60 billion dollars. The crash caused a significant decline in the value of the cryptocurrency market overall. It was labeled one of the worst cryptocurrency crashes in the history of the industry.

I don't get the motivation behind spreading this falsehood – muscle flexing? But to what end?

Once again, I don't even use Kucoin and OkEx, have no time to trade, no funds have been frozen.

I don't know whose funds they've frozen, but good for them, hope they use it for good ? https://t.co/gSucKfqsxj

— Do Kwon ? (@stablekwon) October 5, 2022

Do Kwon’s problems seem to be getting worse as he carries a large cross. Kwon and five other people are the subjects of an arrest order from the Seoul Southern District Prosecutors’ Office’s Joint Investigation Team, which was issued last month. The charges include alleged breaches of the country’s capital markets law.

More than $200 billion was lost due to the collapse of the stablecoin TerraUSD and its sibling coin Luna, precipitating a severe cryptocurrency market crash.