1 year ago
94 South Korean authorities are seeking the apprehension of Do Kwon, co-founder and main enforcement serviceman of Terraform Labs. His institution is down the now-collapsed terraUSD and luna cryptocurrencies. South Korean prosecutors are present seeking to frost bitcoin linked to Kwon.
Woohae Cho | Bloomberg | Getty Images
South Korean authorities connected Thursday began the process of canceling the passport of Terraform Labs laminitis Do Kwon whose institution was down a melodramatic $60 cardinal cryptocurrency collapse.
Police person besides arrested 1 idiosyncratic successful transportation with Kwon's operations.
Kwon has been ordered by the South Korean overseas ministry to instrumentality his passport by Oct. 19 oregon look having the papers canceled.
The saga betwixt Kwon and South Korean authorities continues to intensify aft the collapse of terraUSD and luna wiped billions disconnected of the cryptocurrency marketplace and sent shockwaves done the industry. Terraform Labs, Kwon's company, was down some of those integer coins.
South Korean authorities looked to apprehension Kwon's past period and claimed helium is connected the run. The prosecutors said that Interpol, the planetary policing organization, has issued a "Red Notice" for Kwon. Such notices are issued for fugitives wanted either for prosecution oregon to service a sentence.
Kwon, however, insists helium is not connected the run. His whereabouts is inactive unknown.
The Seoul Southern District prosecutors' office, who is chasing Kwon, has accused the laminitis and 5 others of violating superior markets instrumentality and fraud. On Thursday, the bureau confirmed to CNBC that it had arrested 1 of the radical it was looking for surnamed Yu.
No apprehension warrant has yet been issued. But authorities are capable to apprehension idiosyncratic connected the grounds of interest that this idiosyncratic whitethorn feel. A warrant needs to beryllium granted wrong 48 hours of the apprehension oregon the idiosyncratic indispensable beryllium fto go.
South Korean prosecutors person besides enactment successful a petition to KuCoin and OKX, 2 cryptocurrency exchanges, to freeze much than $60 cardinal bitcoin tied to Kwon.
On Wednesday, section media reported that prosecutors had frozen an further 56.2 cardinal South Korean won ($39.9 million) of integer assets belonging to Kwon.
However, the crypto laminitis refuted those claims connected Twitter. Kwon said nary funds person been frozen.
The Seoul Southern District prosecutors' bureau declined to remark connected the study of the frozen funds.
