South Korea is set to strip Terraform Labs Pte founder Do Kwon of his passport, intensifying pressure on the fallen entrepreneur to return to the nation and face charges over a $60 billion crypto crash.
The 31-year-old must hand the document back or else it will be revoked in about 14 days, according to a government notice posted on Wednesday. Kwon’s location is unclear and he is the subject of an Interpol red notice.
Kwon was behind the TerraUSD stablecoin, which was meant to have a constant $1 value in a complex arrangement with sister token Luna. The edifice fell apart in May, worsening a $2 trillion crypto rout, pushing a range of digital-asset firms toward insolvency and causing consternation at regulators globally.
He and five others have been accused of breaching South Korea’s capital-markets law. Terraform Labs has rejected the charges and said the case has become “highly politicized.”
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