South Korean Authorities Seek To Revoke Terra Co-Creator Do Kwon's Passport To Expedite Deportation

Following an ongoing investigation into the spectacular implosion of the Terra ecosystem, South Korea's Ministry of Foreign Affairs wants to void the passport of Do Kwon, the co-founder of the now-defunct Terraform Labs.

Timeline of Terra-luna-v2

Do Kwon, the founder of Terra LUNA Labs might have to return to back to Seoul after the South Korean government's significant declaration. However, Terra Head has been held responsible for triggering the collapse of the global crypto market.

A warrant for the arrest of Do Kwon and five others has reportedly been issued by prosecutors in South Korea. The prosecutors allege that Kwon and his co-accused violated the country's capital markets law. In addition to the arrest warrant, prosecutors will reportedly request an Interpol red notice for the Terraform Labs chief executive officer.

Due to the South Korean government's request for his arrest, Do Kwon, the founder of Terraform Labs, is in grave danger. The cryptocurrency market lost $40 billion as a result of Terra's stablecoin USTC and Terra Classic LUNC collapsing.

According to a report from a local news media, law enforcement agencies in South Korea issued an arrest warrant against LUNA Founder and Terraform Labs CEO Kwon Do-Hyeong also known as Do Kwon. The founder has been under authorities' radar since the collapse of the Terra ecosystem in May 2022.

Do Kwon, the maligned founder of Terraform Labs, has been issued an arrest warrant by South Korean authorities on breaches to capital markets law. According to Bloomberg, the Seoul courts issued a warrant for Do Kwon and five others, all of whom currently reside in Singapore.

A South Korean court has issued arrest warrants against TerraForm Labs founder Do Kwon and five others for violating the Capital Market Act. The prosecutors will work with Interpol to issue a Red Notice and extradite Do Kwon from Singapore.

Terra (LUNA) and Terra Classic (LUNC) price tumbled after a South Korean court issued an arrest warrant against its founder Do Kwon and five others. LUNA and LUNC price has fallen over 40% and 20% to $2.29 and $0.00027, respectively.

South Korean prosecutors are looking into whether Terra Luna Classic or LUNC (formerly LUNA) can be considered a security – as they continue their probe into Terraform Labs and Terra ecosystem coins.

Terra's LUNA declined 20% on the news that South Korea has issued an arrest warrant for its founder Do Kwon. The post LUNA sinks 20% after South Korea issues arrest warrant for Do Kwon appeared first on CryptoSlate.

On 11th and 12 May 2022, the crypto market saw something which no one had ever anticipated in the market. A stablecoin UST and LUNA project was created by a South Korean developer Do Kwon in his office in the capital Seoul.