Korean Prosecutors Ask Foreign Ministry to Force Cancellation of Passports of Terra Founder Do Kwon and 5 Others

Sept 15,2022
KingData News: Korea's Seoul South District Prosecutor's Office today asked the Ministry of Foreign Affairs to impose administrative sanctions on Terra founder Do Kwon and five others by forcibly canceling their passports, News1 reported. It is noted that under the country's passport law, among those for whom an arrest warrant has been issued, the issuance or replacement of a passport may be denied, or an order for its return may be issued to a person abroad. In previous news, South Korean prosecutors have issued arrest warrants for Terra founder Do Kwon and others.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.