The South Korean Ministry of Finance has declared that it is seeking to revoke the passports of Do Kwon, a co-founder of Terra blockchain, and five other individuals associated with the beleaguered project, according to a report.
Korean news outlet Munhwa Ilbo stated Dan Sung-Han, the director of the Seoul Southern District Prosecutor's Office for Financial and Securities Crimes, requested the finance ministry cancel the suspects' passports to speed up its hunt against the accused.
Accused Have Left for Singapore: Finance Ministry
“Among the six arrest warrants issued, applications for invalidation of passports have been received for five persons excluding foreigners. All of them have left for Singapore,” the news agency quoted an official from the Ministry of Finance.
Do Kwon and the other five offenders are now required to hand over their passports and leave where they are located, which is apparently in Singapore.
The request to revoke the passports was made immediately after Kwon and others were accused of breaking the capital markets legislation and arrest warrants were issued in their names.
Do Kwon Was Repeatedly Asked to Turn Himself In
According to Munhwa Ilbo, Kwon was frequently urged to turn himself in but refused, leading the prosecutors to look for alternative possibilities.
The creator of the Terra blockchain and its native token Luna LUNA/USD has had other legal issues.
Kwon was accused of marketing "unregistered securities" and deceiving the public about the true value of the project's TerraUSD (UST) stablecoin and governance token LUNA in a class-action complaint filed in the U.S. District Court of Southern California in June.
A month later, as part of its investigation into Terra's demise, Korean authorities conducted a raid at co-founder Daniel Shin's home in Seoul.
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Photo: Terra site, video screenshot
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