The CEO of Terra along with five others was issued an arrest warrant on Wednesday. However, Do Kwon is in Singapore. The two countries do not have a bilateral extradition treaty, so it is difficult to enforce the arrest warrant issued by the South Korean authorities.
According to a local media report on Thursday, the South Korean Ministry of Foreign Affairs is attempting to convince Do Kwon, the co-founder of the now-defunct stablecoin provider Terraform Labs, to surrender his passport.
The arrest warrant for Do Kwon and 5 other people related to TerraForm Labs was issued by Korean authorities on September 14. However, the implementation of the decision encountered many obstacles because the founder of the LUNA project was not in the country.
According to JTBC, the investigating agency has been tracking Do Kwon since May, after the collapse of UST and LUNA 1.0. Project managers and staff who used to work at TerraForm Labs were invited to the police agency to assist in the investigation. In addition, many former employees of the company were also blacklisted, and banned from leaving Korea.
An arrest warrant has now been issued. However, it is difficult to complete because Do Kwon is living in Singapore. The founder of TerraForm Labs will be arrested if he voluntarily enters Korea.
The South Korean Ministry of Foreign Affairs also ordered the other five people to relinquish their passports. The order was issued after the Seoul Southern District Prosecutor’s Office for Financial and Securities Crimes requested that the passports of the six persons be revoked.
Because it generally takes a month for a passport to be canceled, prosecutors are expected to put pressure on the six people to surrender their passports before that time runs out.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews