South Korea issued arrest warrant for Do Kwon

Amalia A. Amalia A.
16 Sept 2022
2 min read
Share article:

South Korea issued arrest warrant for Do Kwon

A South Korean court issued an arrest warrant for Do Kwon, and other five ex-employees. Unfortunately, they are currently located in Singapore, a country that does not have an extradition treaty with South Korea.

Since the famous Terra Luna Crash, back in May, police have raided 15 locations of interest like cryptocurrency exchanges and corporate offices linked to the matter. They also raided the home of Terraform Labs co-founder Daniel Shin as part of a probe into allegations of illegal activity behind Terra’s collapse

In South Korea, Do Kwon is accused of violation of the country's Capital Markets Act.

The prosecutors pointed to statements made by Do Kwon: 

"If I deposit Terra in Terraform Labs, I will pay an interest of 19.4%" 

That being evidence that Do Kwon had prior knowledge that investments in the Terra ecosystem were unstable, and yet continued to act similarly to attract additional capital which can be considered fraud. 

Kwon said in a recent interview that prosecutors hadn’t been in contact with him and he hasn’t been charged with anything. However law enforcement is barring his employees from leaving the country.

At the moment of writing, South Korea’s Ministry of Foreign Affairs is attempting to revoke Do Kwon’s passport and the passports of several Terraform Labs employees and executives.

South Korea Authorities are currently trying to get Terraform executives and Do Kwon to return to South Korea and surrender their passports. 

Even though Singapore has no extradition treaty with South Korea, this doesn’t mean they won’t be prosecuted. Basically, they won’t be extradited by the Singapore authorities, but they still face justice.

So, South Korean prosecutors will probably take actions if they do not return of their own volition.

Don't forget to follow us @cryptonezo to stay updated with the latest blockchain and cryptocurrency news.

Amalia A.
Amalia A.
About the Author

NFT Artist, Book Author & Marketing Strategist Passionate about Blockchain, Crypto enthusiast

Related Articles