Report – Regulation Bitcoin News

Report – Regulation Bitcoin News

According to native studies stemming from South Korea, the nation’s international ministry is seeking to invalidate the co-founder of Terraform Labs Do Kwon’s passport. The story was printed the day after it was reported that Seoul’s Southern District Prosecutors Office issued a warrant for Kwon’s arrest.

Local Report Says South Korean Officials Are Targeting Do Kwon’s Passport

On Wednesday, September 14, 2022, News reported on Do Kwon, the co-founder of Terraform Labs, and the report printed by Forkast News that mentioned South Korean officers issued a warrant for Kwon’s arrest. Kwon is believed to be residing in Singapore in the mean time and in a number of latest interviews, the Terraform Labs co-founder mentioned he was “devastated” when his crypto undertaking collapsed.

However, Kwon has been accused of shady acts comparable to allegedly cashing out $2.7 billion earlier than the once-stable coin UST depegged from its $1 parity. Kwon, Terraform Labs, and his associates additionally face a class-action lawsuit for allegedly promoting unregistered securities. Following the reported arrest warrant for Kwon, the following day the South Korean newspaper Munhwa printed an editorial that claims Kwon’s passport may be in bother.

According to the Munhwa report, South Korea’s Ministry of Foreign Affairs is reportedly seeking to revoke Do Kwon’s passport. The native reporter notes within the report that the passport invalidation course of might take as much as 30 days.

The Munhwa editorial additionally notes that South Korean regulation enforcement officers would really like Kwon to return to South Korea for questioning. During an hour-long interview with printed in mid-August, Kwon mentioned South Korean officers had not contacted him about any investigations.

In addition to South Korea, a report famous in June that the U.S. Securities and Exchange Commission (SEC) was investigating the crypto agency Terraform Labs and the undertaking’s stablecoin collapse. The following month, one other report claimed South Korean prosecutors raided the house of Kwon’s companion and Terraform Labs co-founder Shin Hyun-seong.

Official data additional point out that Kwon dissolved Terraform Labs days earlier than the undertaking’s demise. Three members of the Terraform Labs in-house authorized workforce abruptly resigned amid the blockchain undertaking’s fallout as effectively.

Tags on this story
Chai Corporation, Choi Sung-kook, do kwon, LUNA 2.0 token, Munhwa report, Nicholas Platias, passport, SEC, South Korea, South Korea’s Ministry of Foreign Affairs, Terra, Terra LUNA and UST, terraform labs, TerraUSD, terrausd investigation, UST, ust investigation

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Jamie Redman

Jamie Redman is the News Lead at News and a monetary tech journalist residing in Florida. Redman has been an energetic member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized functions. Since September 2015, Redman has written greater than 6,000 articles for News in regards to the disruptive protocols rising right now.

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