It was announced this morning that the Prosecutor’s Office for the Seoul Southern District ordered administrative sanctions, including restrictions on the issuance of passports, for a total of five persons, one of them was the CEO Kwon.
Do-Hyung Kwon, the co-founder of Terraform Labs and the developer of domestic cryptocurrencies Terra and Luna, has had his passport called into question by the prosecution, which has requested that the Ministry of Foreign Affairs withdraw his passport.
People for whom an arrest warrant has been issued may be denied the issuance or reissuance of a passport, or those who are living outside the country may be given an order to surrender their passport in accordance with the Passport Act. Both of these outcomes are possible.
The Ministry of Foreign Affairs has been requested by the Prosecutor’s Office to impose administrative sanctions on five different persons, with the exception of one foreign employee of Terraform Labs who is included in this request.
Earlier, the Financial and Securities Crime Unit of the Seoul Southern District Prosecutors’ Office (chairman Dan Sung-han) sought and issued an arrest warrant for six Singapore-based individuals. These individuals include CEO Kwon, a founding member of Terraform Labs, Nicholas Platias, and employee Han Mo. The warrant was issued by the Financial and Securities Crime Unit of the Seoul Southern District Prosecutors’ Office.
There will be restrictions placed on the issuing of new passports, and the Ministry of Foreign Affairs will issue an order requiring the surrender of all passports.