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South Korean authorities have instructed beleaguered Terraform Labs founder Do Kwon to hand over his passport as he claims he is a fugitive.
The arrest warrant for Kwon, 31, was reportedly issued last month in the aftermath of a financial scandal that wiped $40 billion from the market when Kwon’s project’s stablecoin, TerraUSD (UST), lost its dollar peg and crashed. It is
Kwon previously denied being on the run or hiding from authorities, but his whereabouts are apparently unknown. He visited Singapore shortly before, but is said to no longer live there.
Kwon must turn in his passport or make a canceled face by October 19th.Officials said they posted news Unable to locate Kwon himself, he has been publicly posted online. Interpol, the international police organization, has previously issued a “red notice” urging law enforcement agencies around the world to help find and arrest Mr. Kwon. rice field.
South Korean authorities have accused Kwon of committing a “Ponzi fraud” and violating the country’s capital market law.
Kwon is active on Twitter with 1 million followers. A day before the passport revocation notice was issued, Kwon denied a report in his Chosun Ilbo newspaper that Seoul prosecutors had frozen $36.6 million of his crypto assets on cryptocurrency exchange KuCoin and his OKX. . He said he doesn’t use those exchanges.
“I don’t know whose funds they’ve frozen, but it’s good for them. I hope they use it forever.”
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