- South Korea seeks to revoke Do Kwon’s passport to coerce his return.
- Prosecutors believe that the involved parties should return to South Korea within 14 days while the ministry thinks otherwise.
- Authorities order the six to return their passports before time lapses.
Do Kwon, a South Korean entrepreneur and co-founder of the defunct stable coin provider Terraform Labs, is on the verge of having his passport revoked. Following a request made to the Foreign Ministry, South Korea is to nullify his travel document and Kwon would be forced to return to South Korea if the ministry consents to the request.
The prosecutors believe that Kwon who resides in Singapore currently should return to Seoul in S. Korea within 14 days of receiving the revocation, as per theory. Nonetheless, the ministry which is evaluating the request, said that the convicted felons could possibly reside in Singapore without a passport.
Do Kwon and five other South Korean nationals who were judged guilty by the court were issued an arrest warrant on Wednesday for violation of the Capital Market Acts. The warrants were issued after a month of one of crypto’s blood baths which included the collapse of the $60 billion Terra ecosystem and other bankruptcies like “Three Arrows Capital” a Singapore-based hedge fund.
This major collapse in May shook the faith of many investors in digital assets as losses incurred are yet to be recovered.
Moreover, the South Korean Ministry of Foreign Affairs ordered the five others involved in this act to return the passport they possessed. However, this verdict was ordained after the Seoul Southern District Prosecutor’s Office for Financial and Securities Crimes requested the six individuals’ passports be invalidated, as per Munhwa, a South Korean newspaper reports.
Apparently, it takes a month to invalidate the passport. Hence, the prosecutors are likely to exert pressure on the six individuals to return their passports before that time lapses.