Digital Assets: Do Kwon May Soon Be Forced To Return To Face The Law In South Korea

September 16, 2022 | Digital Assets, News

After the $60 billion implosion of Do Kwon’s Terra crypto ecosystem, South Korean authorities are seeking to get him back to South Korea from Singapore.

South Korean authorities have requested the country’s Foreign Ministry to revoke the passport of Do Kwon, the founder of the collapsed Terraform Labs crypto ecosystem, says a Bloomberg report, quoting the prosecutor’s office.

Believed to be in Singapore, Do Kwon would be legally forced to return to South Korea within 14 days of receiving the notice of revocation of his passport.

Previously, a court had issued an arrest warrant for Do Kwon and five other persons for allegedly violating the South Korean capital market laws.

Reportedly, the Foreign Ministry is considering the request for revocating Do Kwon’s passport.

Notably, Singapore has no extradition treaty with South Korea, meaning a long and potentially tricky legal process lies ahead if the South Korean authorities push for his extradition.

Do Kwon has been accused in lawsuits in South Korea of fraud and raising funds illegally. According to Bloomberg, which cited data from South Korea’s Financial Services Commission, about 280,000 South Koreans had invested in Luna, a crypto token related to the collapsed stablecoin TerraUSD, or UST.

The Terra/Luna collapse reportedly prompted several suicides in South Korea.

In June, a media report said a whistleblower, Fatman, had accused Do Kwon of cashing out $2.7 billion a few months before the UST implosion.

Do Kwon said the allegations were “categorically false.”

Related Story: South Korean Court Issues Arrest Warrant For Terraform Founder Do Kwon

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