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South Korea's Ministry of Foreign Affairs intends to revoke the citizenship of former Terraform Labs CEO Do Kwon after he was indicted in court.
Pressure from South Korean authorities on the founder of Terraform Labs and his five colleagues living in Singapore intensified on September 14, when a South Korean court issued a warrantThe former co-owner of Terraform Labs has been charged with violating the Capital Markets Act.
The Seoul Southern District Financial Crimes Prosecutor's Office has demanded that the Ministry of Foreign Affairs invalidate the passports of six former Terraform Labs executives.The agency refers to the Law on Passports, which imposes restrictions on the issuance of identification documents to persons in respect of whom a warrant has been issuedto be arrested.
At the same time, it is clarified that the sanctions will not affect the co-founder of Terraform Labs, Nicholas Plakias, who is a foreign citizen.
Recall that the arrest warrant for Do Kwon was issued a few months after the collapse of the Terra ecosystem, which led to the fall of the cryptocurrency marketThe South Korean Prosecutor's Office called all employees of the company to testify and ordered the entire directorate to notify the entire directorate of their arrival and departure from the countryTerraform Labs.
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