South Korea Invalidates Terra Founder Do Kwon’s Passport

The South Korean Ministry of Foreign Affairs has announced via a public notice on its website that it would invalidate Terra creator Do Kwon’s passport.

The government said the notice was being posted publicly due to an “inability to deliver” the passport return order.

Another document by the ministry added that saying the move means Kwon might be rejected if he tries to apply for the reissuance of his passport.

With his passport invalidated, Kwon can no longer leave South Korea and if he is not currently in South Korea, he would likely find it difficult to travel elsewhere.

Officials gave Kwon 14 days from the notice’s issuance to return the passport.

On Wednesday, South Korean prosecutors told local media outlets that they had ordered the freezing of nearly $40 million worth of crypto assets they said were tied to Kwon.

However, Kwon tweeted later that he did not use the exchanges in question and the funds were not his.

Terraform Labs, the Terra ecosystem token issuer, previously said in a statement that the arrest warrant was beyond the scope of prosecutors’ authority, calling the investigation “highly politicized” and claiming it violated basic rights.

Terra collapsed dramatically in May of this year, shedding close to $20 billion over the course of days.

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