South Korea Orders Terraform Labs CEO Do Kwon to Surrender Passport

South Korea Orders Terraform Labs CEO Do Kwon to Surrender Passport

South Korea's Ministry of Foreign Affairs has issued an official order requiring Terraform Labs CEO Do Kwon to surrender his passport. The fugitive co-founder has been instructed to hand over his Korean passport to authorities within 14 days of the order. Failure to comply will result in the cancellation of his passport, and future requests for re-issuance will be rejected.

Consequences of Non-Compliance

The order underscores the escalating legal pressures on Do Kwon, who is wanted in connection with the collapse of the Terra ecosystem. Authorities have warned that non-compliance will lead to severe consequences, including the permanent loss of his passport privileges. This move signals a firm stance by South Korean officials to hold individuals accountable for financial irregularities in the cryptocurrency space.

Implications for Do Kwon and Terraform Labs

The developments highlight the ongoing challenges faced by Do Kwon and Terraform Labs. The collapse of the Terra ecosystem has sparked global scrutiny, with regulators and investors seeking accountability. This latest order adds to the legal complexities surrounding the case, emphasizing the need for transparency and compliance in the cryptocurrency industry.