South Korea's search for Do Kwon escalates

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South Korean judicial authorities have amplified their actions to prosecute Terraform Labs founder Do Kwon.

According to local news outlet Munhwa Ilbo, the South Korean prosecutor's office has requested the Ministry of Foreign Affairs to deactivate the passports of Do Kwon and his financial officer, surnamed 'Han.'

The Terraform Labs founder has been on the radar of South Korean authorities since May 2022, when the world witnessed the intense Terra Luna crypto crash that resulted in the loss of billions of dollars worth of investors' money.

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South Korean authorities request the suspension of Do Kwon's passport

The Luna crash prompted several Luna community members to doubt Do Kwon's intentions.

Several investigations were undertaken, with the most notable being that Do Kwon was allegedly committing fraud and conspiracy against the Luna community.

According to the report on Do Kwon's passport suspension, the Seoul Southern District Prosecutors Office has written an official application to the South Korean Ministry of Foreign Affairs to disprove the passports of Terraform Labs founder Do Kwon and his financial officer, 'Han.'

Furthermore, the Ministry has responded to the request of the District Prosecutors Court, adding that they have received their request to suspend the passports of Do Kwon and 'Han.'

According to the guidelines mentioned in South Korean international law, a person with an invalidated passport must return to his or her country of origin.

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In simpler terms, the law states that a person with an invalidated passport is subjected to deportation back to his homeland.

Do Kwon is apparently in Singapore and has refused to meet with the prosecutors who have travelled from South Korea with the warrant.

The Terra Luna crash alongside UST's depegging in May was dubbed as one of the worst cryptocurrency crashes in the history of the digital asset sector.

Do Kwon has tried to revive the Terra Luna ecosystem by introducing a comprehensive plan. The plan includes deploying a tax burn to stabilise the price of Luna 2.0.

Get the latest on Terra Luna Classic and Luna 2.0 on Planet Crypto.