Fugitive Terra boss Do Kwon has to surrender his passport

The South Korean Foreign Ministry has ordered former Terraform Labs CEO Do Kwon to surrender his passport.

The fugitive founder and managing director of the spectacularly failed blockchain project Terra is now supposed to hand in his South Korean passport to the local authorities within 14 days. If Kwon fails to comply with this request, his passport will be invalidated and not reissued.

As reported by South Korean media , the request was made for a total of six former employees of Terraform Labs, including Kwon.

South Korean law enforcement agencies are currently working flat out to arrest Do Kwon. After a court issued an arrest warrant on September 14, Interpol also issued a red alert on September 26 so that the fugitive can be arrested anywhere in the world.

The collapse of Terra has caused a massive $40 billion in damage to investors and investors in the project, with Kwon credited largely with the failure. Nevertheless, he claims that the authorities have not yet made contact and that he is not on the run.

Last month, South Korean media reported that authorities had frozen $67 million in Bitcoin (BTC) from Kwon's private assets. The latter, in turn, denies that these funds are his and that he has not worked with the platforms mentioned in the report for two years.

A spokesman for Terraform Labs warns that the hunt for Kwon has now become a political issue. In this way, the authorities would only cave in to the great public pressure and exceed their own responsibilities.

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