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Terra CEO to lose passport in a month

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  • LUNA Price at the time of writing – $2.51
  • The notice orders Kwon to return his passport to the ministry
  • If the passport is returned his passport will be issued after Sept. 13, 2023

On Wednesday, the passport of Terraform Labs Pte was mentioned in a notice on the website of the Ministry of Foreign Affairs of South Korea.

If Ltd. chief Kwon Do-Hyung, also known as Do Kwon, does not return his passport in four weeks, his status will be revoked.

On September 15, the foreign affairs ministry reportedly ordered Kwon to return his passport in response to a request from local prosecutors who were looking into Terra-LUNA to cancel the passports of six Terra associates, including Kwon.

Kwon may be limited from renewing his passport from Sept. 15, 2022

According to local reports, the ministry publicly notified Kwon on Wednesday of its “inability to deliver” decision after Kwon failed to comply with the return order.

According to the notice, Kwon may not be able to renew his passport between September 15, 2022, and September 13, 2023.

Within two weeks of the end of the notice period on Oct. 19, Kwon is required to return his passport to the ministry, a foreign embassy, or public agencies that handle passports.

Kwon’s passport will be issued after September 13, 2023, if the passport is returned to the authorities.

If Kwon does not return his passport within the allotted time, it will be canceled. On September 14, this year, the Seoul Southern District Prosecutors’ Office issued an arrest warrant for Kwon and five others in connection with the US$60 billion Terra-LUNA crash. 

Additionally, Interpol issued a red notice and requested that their passports be revoked.

ALSO READ: Jack Dorsey’s Bitcoin Academy Airdrops $1000 in BTC

Do Kwon Refutes Bitcoin Cashout Allegations 

Do Kwon has refuted any involvement in the alleged transfer of Luna Foundation Guard assets to OKX and KuCoin cryptocurrency exchanges.

Do Kwon claimed in a tweet on Wednesday that he had not used KuCoin or OKEX in the past year and that there had been no actual cashout.

Additionally, he maintained that neither Luna Foundation Guard nor Terraform Labs’ funds had been frozen.

In addition, the Luna Foundation Guard has opposed other allegations made by the prosecutor and denied moving funds.

It stated in a recent tweet that it has not moved any Bitcoin or other tokens it holds or created new wallets since May of this year. 

The Luna Foundation Guard, based in Singapore, was primarily responsible for safeguarding Terraform’s now-defunct stablecoin’s dollar peg.

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