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Key Takeaways
- South Korea’s Ministry of Foreign Affairs is attempting to revoke the passports of several Terraform Labs employees.
- The ministry has been urged to do so by prosecutors, who recently issued an arrest warrant against those individuals.
- Terraform Labs CEO Do Kwon and financial manager Mo Han are both named as subjects under investigation.
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South Korean authorities reportedly intend to revoke the passports of Terra leader Do Kwon and other employees.
Terra Employees Face Justice
Efforts to apprehend Do Kwon are intensifying.
Yesterday, it was reported that arrest warrants had been issued against Do Kwon and five other individuals who were behind the Terra blockchain and its failed coins, UST and LUNA.
According to Munhwa News, South Korea’s Ministry of Foreign Affairs is now attempting to revoke passports belonging to five of the six Terraform Labs employees named yesterday, including Kwon.
Terra, its executives, and possibly employees are all under investigation by the Financial and Securities Crime Unit of the Seoul Southern District Prosecutor’s Office. The Ministry of Foreign Affairs reportedly acted at the prosecutor’s request.
One official from the ministry said: “Among the six arrest warrants issued, applications for invalidation of passports have been received for five persons excluding foreigners.”
Terraform Labs financial manager Mo Han is named as a target in today’s report alongside Kwon.
The only person named in a warrant yesterday excluded from passport revocation seems to be Nicholas Platias, a founding member of Terraform Labs and a Greek citizen. His current location is unclear.
Today’s report suggests that the individuals in question have fled South Korea to Singapore. However, passports belonging to the Terra employees will remain valid for one month. As such, prosecutors will likely pressure the subjects to return to South Korea and surrender their passports before then.
The Ministry of Foreign Affairs will send a notice of return directly to the individuals. If those notices are not received, they will be published on the ministry’s website for two weeks.
Singapore has no extradition treaty with South Korea and therefore is not legally obligated to return the individuals sought by authorities. It is unclear what, if any, actions South Korean prosecutors will take if they do not return of their own volition.
This development represents the latest step toward holding Terra executives responsible for the project’s failure. The blockchain project initially collapsed in May as prices of crypto assets associated with the project fell rapidly. Attempts to revive the project continue regardless.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
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This article first appeared at Crypto Briefing
