The downfall of Terra created quite the chaos in the market. But, it also occurred several months ago. Despite the foregone event, it continues to remain a prominent topic of interest. This is primarily due to the project’s founder Do Kwon. While the South Korean government and Interpol are on a hunt for Kwon, he has time and again claimed that he wasn’t on the run. Amidst all of this, South Korea’s foreign ministry has urged the Terra founder to return his passport.
As per recent reports, the South Korean government has given Kwon a total of 14 days to submit his passport. If Kwon fails to do so his passport would be “administratively invalidated.” The notice said,
“Our Department would like to send a ‘Notice of Order for Return of Passport’ to you by registered mail.[…]we inform you that the validity of your passports will be invalidated and administratively invalidated.”
In addition, the government believed that Kwon has been staying in Singapore. If his passport is invalidated, Kwon wouldn’t be able to leave South Korea. As mentioned above, if he resided in Singapore, traveling would be a major issue for the Terra founder.
It should be noted that this wasn’t the first time that the South Korean government had expressed distress with regard to his passport. Back in September, the government was seeking to revoke the Terra founder’s document.
As mentioned earlier, Kwon has been making headlines for the longest time now. With Interpol on the lookout, Seoul prosecutors freezing his funds, and Kwon denying it, all that the community is seeking was justice.
Here’s how Do Kwon’s Terra [LUNA] was reacting to this
While his former project Terra Classic [LUNC] has been faring well, Kwon’s revised Terra [LUNA] did not seem to be immensely affected by his actions. During press time, LUNA was trading for $2.55 with a 2.81 percent daily drop. The last couple of days seemed to be favorable for the asset as it surged to $2.72.