Do Kwon, the founder of Terra LUNA Labs might have to return to back to Seoul after the South Korean government’s significant declaration. However, Terra Head has been held responsible for triggering the collapse of the global crypto market.
Terra Luna head served with notice
According to reports, South Korea’s Foreign Ministry has passed the request to scrap the traveling passport of Do Kwon. However, if the ministry moves ahead with this request then Terra Luna head would have to return to the nation within 14 days after being served with the notice of revocation.
Earlier Coingape reported that South Korean authorities issued an arrest warrant against Terra Luna’s Do Kwon. The prosecutors will be working with Interpol to issue a Red Notice in order to extradite Terra head from Singapore.
The report added that Korean authorities believe that it is possible that Do Kwon can stay in Singapore without a permit. Meanwhile, Terra Luna head is alleged for violating the Capital markets law. However, Kwon hasn’t replied to this matter.
The collapse of Terra Classic (LUNC) and TerraClassicUSD (USTC) went on to disappear more than $60 billion from the crypto market. This went on shake the investor’s belief in the digital asset industry.
Do Kwon in deep trouble?
However, some LUNA investors have filed a protest with the local authorities. They have alleged that Do Kwon was involved in fraud and kind of illegal fundraising. It added that LKB & Partners also registered a complaint with the local prosecutor.
As per the report, more than 280K South Koreans might have invested in the Terra Luna.
Coingape reported Terra Luna’s Do Kwon hired legal support from a South Korean law firm for battles ahead. However, the South Korean Prosecutors went on to conduct searches over 15 crypto companies. Raids were being done in the offices of Terra executives and other employees over the matter.