As the East Asian nation steps up its measures against the cryptocurrency entrepreneur Do Kwon, South Korea has issued a demand that he hand over his passport or risk having it revoked. The blockchain failure that Do Kwon caused earlier this year resulted in investors losing a total of $40 billion.
According to a notification that was posted on the website on Thursday, the South Korean government has given Kwon till the end of the month to comply with the new order. The ruling comes after Interpol issued a red alert against the cryptocurrency entrepreneur a month ago, urging that law enforcement authorities all around the world identify him and arrest him.
It is currently unknown where Kwon is located; however, he is keeping his fans up to speed on his life through the use of Twitter.
Following rumors in the local media that South Korean prosecutors had increased their efforts against him, he denied on Wednesday that his cryptocurrency money had been blocked in response to the allegations.
According to a report by the Korean news site News1, the authorities have blocked crypto assets worth $39.6 million that are connected to the founder and chief executive of Terraform Labs. CoinDesk, a well-known news source that focuses on cryptocurrency, provided further context for the study.
In his statement, Kwon referred to the news story as a “falsehood,” and he reiterated once more that he does not make use of KuCoin or OKEx. According to what he claimed, “have no time to trade, no money has been blocked. I don’t know whose funds they’ve frozen, but excellent for them, and hope they utilize it for good,” he continued. “I don’t know whose funds they’ve frozen.”
As a result of the controversy that was produced by the collapse of the Terra cryptocurrency (Luna) and the so-called stablecoin TerraUSD (UST) in May, the prosecutors decided to investigate Kwon and his colleagues. The investors lost a total of $40 billion as a result of the two events.
Kwon has stated in the past that he is not attempting to hide from the authorities and is not on the run; however, the South Korean prosecutors disagree with this characterization of Kwon’s situation.