Do Kwon seems to be sailing through never-ending rough waters. The inquiry into the Terra-Luna issue is being closely watched as Kwon Do-Hyung, CEO of Terraform Labs will have his passport invalidated on October 19. He will be considered an illegal immigrant and be susceptible to deportation if his passport is canceled.
Recently, the prosecution froze roughly 95 billion won worth of Kwon’s assets and launched a thorough investigation into the Terraform Labs team leader who is held accountable for the disaster. The probe is anticipated to advance once Kwon’s fresh recruits are secured.
Will Do Kwon be deported?
The market capitalization of roughly 45 billion dollars (57.375 trillion won) vanished earlier in May as the values of the cryptocurrencies Luna and Terra (UST) released by Terraform Labs plunged in a week. As a result, nearly 200,000 domestic investors alone incurred losses.
The order to restore CEO Do Kwon’s passport was announced on the 5th, per the Ministry of Foreign Affairs and the Seoul Southern District Prosecutors’ Office on the 10th (Director Dan Sung-han).
According to Article 13 of the Passport Act, a passport loses its validity if it is not delivered to the Ministry of Foreign Affairs, a passport management organization, or a diplomatic post overseas within 14 days of the notification.
In the end, Do Kwon’s passport becomes invalid after the 19th and he acquires the status of an unauthorized immigrant. As a result, Kwon can be sent abroad by the Singaporean government.
The International Criminal Police Organization (Interpol) had already marked Kwon as sought in a red wanted order on the 27th of last month.
The prosecution’s investigative network is becoming more focused as the CEO Kwon inquiry approaches its fourth month. CEO Kwon continues to deny the accusations made against him, nonetheless. Instead, he published a piece on his social networking site (SNS) denouncing the prosecution’s probe as being overly rigorous.
Apart from the inquiry into CEO Kwon, prosecutors are increasing the investigation into the surrounding region. On the 5th, it was concluded that an arrest probe was required for Terraform Labs’ chief, Yoo Mo, and an arrest warrant was requested. The arrest warrant, however, was rejected by the court.