As reported earlier, Terra’s founder and CEO Do Kwon has an arrest warrant with his name. Kwon is wanted by South Korean authorities for his ties to one of the biggest collapses in the crypto industry. Kwon is currently residing in Singapore, and the extradition process might not be as simple. However South Korean authorities have stepped up their game to capture the wanted Terra founder.
According to local South Korean news outlet, Munhwa Ilbo, the Ministry of Foreign Affairs has been asked by the Seoul Southern District Prosecutors’ Office to revoke the passports of five South Korean citizens, including Kwon. The ministry has also confirmed the request.
Voiding Kwon’s passport would make the extradition a whole lot easier. Individuals with revoked passports are required by international law to be returned to their country of origin right away.
The process of invalidating a passport usually takes about a month. However, the prosecution is expected to persuade the Terra founder, and others, to return their passports willingly to the South Korean Embassy in Singapore.
There is very little detail available on the other five warrants. However, a person surnamed Han was apparently Terraform’s “head of finance.” The previous Chief Financial Officer of Terraform was identified as Han Chang-Joon. Furthermore, Nicholas Platias, who was referred to as a “founding executive” and worked as the company’s Head of Research from 2010 to 2020, is the only other person to date to have been named by the South Korean media.
How are Terra projects handling the news?
Terra’s LUNC and LUNA had been rallying with double and sometimes triple-digit gains. However, the rally was short-lived.
Immediately after the arrest warrant was announced, all three Terra projects began to tank. However, LUNA has begun rallying in the green again. At press time LUNA was trading at $3, up by 4.6% in the last 24 hours. LUNC on the other hand continued downwards. At press time, LUNC was trading at $0.00027814, down by 3.9%.