As previously reported, Terra’s founder and CEO, Do Kwon, is wanted on an arrest warrant. Kwon is wanted by South Korean law enforcement agencies for his involvement in one of the biggest crypto industry collapses. Kwon is currently residing in Singapore, and extradition may be difficult. On the other hand, South Korean authorities have stepped up their efforts to apprehend the wanted Terra creator.
In an article published by local South Korean news outlet Munhwa Ilbo, the Seoul Southern District Prosecutors’ Office requested that the Ministry of Foreign Affairs revoke the passports of five South Korean citizens, including Kwon. Additionally, the request has been confirmed by the ministry.
Taking away Kwon’s passport would make extradition much smoother. People whose passports have been revoked are required by international law to return to their country of origin immediately.
It usually takes about a month to invalidate a passport. However, the prosecution expects the Terra founder and others to willingly return their passports to the South Korean Embassy in Singapore.
The other five warrants have little information available. Han was Terraform’s “head of finance.” Han Chang-Joon was identified as Terraform’s previous Chief Financial Officer. However, Nicholas Platias, described as a “founding executive” and served as the company’s Head of Research from 2010 to 2020, is the only other person named by South Korean media.
Related article: Terra/LUNA: An Arrest Warrant For Kwon
The Effect of The Unfortunate News On Terra Projects
Terra’s LUNC and LUNA had been rallying in the double and triple digits. The rally, however, was short-lived.
Terra’s two projects, LUNC and LUNA, had their rally up of double and triple digits short-lived. Nevertheless, the news had an instant effect on both cryptocurrency projects.
Immediately following the announcement of the arrest warrant, all three Terra projects began to tank. On the other hand, LUNA has already started to rally in the green again. At the time of publication, LUNA was trading at $2.94, up 0.4% in the previous 24 hours. LUNC, on the other hand, continued to fall. At the time of publication, LUNC was trading at $0.00027704, down 9.0%.