Crypto losses widen, Terra founder’s passport invalidated, and more: Crypto News

Introduction 

On Wednesday, the South Korean Ministry of Foreign Affairs published a public notice on its website. In this way, reporting it would nullify Land maker Do Kwon’s identification. Thus propelling a move the public authority had previously thought about a month ago. The public source said the notification was being presented openly due to a “powerlessness to convey” the visa request. A connected PDF archive added further detail, saying the move implies Kwon may be dismissed assuming he attempts to apply for the reissuance of his identification.

Crypto losses widen, Terra founder’s passport invalidated, and more

Regularly refuting a visa would mean Kwon can never again leave South Korea. If he isn’t right now in South Korea, he would probably find it hard to travel elsewhere. Authorities allowed Kwon 14 days from the notification’s issuance to return the identification. The news comes soon after South Korean investigators told nearby news sources. Hence they had requested the freezing of almost $40 million worth of crypto resources they said were attached to Kwon.

Nonetheless, Kwon tweeted later that he didn’t involve the trades referred to, and the assets were not his.

He persisted in a recent pattern of assertions that disagreed with what South Korean officials had indicated. After prosecutors informed the media that an Interpol “Red Notice” had been issued, he claimed he could not locate one on the intergovernmental police organization’s open website. In addition, he refuted reports that he was “on the run” despite a still outstanding South Korean arrest order and statements from Singaporean authorities that they could not find him.

Conclusion

The company that created the Terra ecosystem token, Terraform Labs, claimed in an earlier statement that the arrest order was illegal and that the probe was “extremely political” and violated fundamental rights. Kwon’s creation Terra abruptly failed in May this year, losing about $20 billion over a few days. Terra or Kwon did not immediately answer requests for comment.