South Korean Ministry Of Foreign Affairs Revoke Passport Of Do Kwon

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South Korean Ministry Of Foreign Affairs Revoke Passport Of Do Kwon. According to a local report originating from South Korea, the country’s foreign ministry is seeking to cancel the passport of Terraform Labs co-founder Do Kwon.

The report was published a day after it was reported that the Seoul Southern District Prosecutors’ Office issued a warrant for Kwon’s arrest.

On Wednesday, September 14, 2022, there was a report about Do Kwon published by Forkast News that said South Korean officials issued a warrant for Kwon’s arrest.

Kwon is believed to be living in Singapore at the moment and in several recent interviews, the co-founder of Terraform Labs said he was “devastated” when his crypto project collapsed.

However, Kwon has been accused of fraudulent acts such as allegedly cashing out USD 2.7 billion or around Rp 40.3 trillion before his two coin projects UST and Luna collapsed.

Read Also: SEC Indicts Employees And Founders Of Crypto Platforms Regarding Ponzi Scheme Cases Of USD 100 Million

Kwon, Terraform Labs, and their associates are also facing a class action lawsuit for allegedly selling unregistered securities. Following the reported arrest warrant for Kwon, the following day the South Korean newspaper Munhwa published a story saying Kwon’s passport may be problematic.

According to Munhwa’s report, South Korea’s Ministry of Foreign Affairs will reportedly revoke Do Kwon’s passport. Local reporters noted in the report the passport cancellation process could take up to 30 days.

The Munhwa editorial also noted South Korean law enforcement officials wanted Kwon to return to South Korea for questioning.

During an hour-long interview with coinage.media published in mid-August, Kwon said South Korean officials had not contacted him about any investigation.

Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.

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Previously, the price of Terra Luna Classic suddenly bounced back some time ago because the demand continued to increase. The LUNC token rose to a high of USD 0.00013 or around Rp 1.93, which was the highest level since June 30.

South Korean Ministry Of Foreign Affairs Revoke Passport Of Do Kwon. The price is about 143 percent above its lowest level this year. It’s also about 99.9 percent below its all-time high, according to data from CoinGecko.

Why is LUNC increasing?

Reported from analysts on the Bankless Times website, Crispus Nyaga, Saturday (27/8/2022), said Terra Luna Classic is a crypto token that fell in May this year. At its peak, the coin was one of the most valuable cryptocurrencies in the world.

His stablecoin, Terra USD, is the third largest coin in the world after Tether and USD Coin. At the same time, its DeFi ecosystem is the second largest after Ethereum.

Terra Luna Classic has continued to trade in recent months even as platform developers have shifted their focus to Terra 2.0.

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It is not clear why the price of LUNC has soared in recent months. However, a possible reason is the relatively recent short squeeze phenomenon. This is a situation where a retail trader buys an asset that has suffered heavy losses and that has gone through a challenging situation.

For example, investors saw cryptocurrencies like Celsius and Voyager Digital soar despite their parent companies filing for bankruptcy. Apart from that, the Terra USD Classic has also seen some moves in the last few days.

The same situation also occurs in other assets such as stocks. For example, shares of companies such as Revlon and Hertz soared when they announced they would file for bankruptcy.

The fact other cryptocurrencies have rallied has also helped push LUNC prices up sharply. The price of Terra Luna, on the other hand, has remained under pressure in recent days.

Away price

Even so, on Saturday (27/8/2022), the Luna Classic token was again corrected. Based on Coinmarketcap data, the price of LUNC is IDR 1.86 with a 24-hour trading volume of around IDR 5.1 trillion

Read Also: Hacking Rises, FBI Warns Crypto Investors About DeFi Platform

LUNC weakened 3.52 percent in the last 24 hours. Meanwhile, Coinmarketcap’s current rating is 212 with a market capitalization of IDR 12.2 trillion. Until now, there has been a supply circulation of around 6.5 trillion LUNC from the maximum unavailable supply.

Previously, following the Terra stablecoin depegging incident, a class action lawsuit was filed against the company Terraform Labs (TFL) and a number of other crypto companies over the collapse of terra usd (UST).

The case against TerraformLabs (TFL) was filed by plaintiff Nick Patterson on behalf of another person residing in the same location and the law firm Scott+Scott LLP.

According to documents recently filed in U.S. District Court in Northern California, Terraform Labs is accused of selling unregistered securities and misleading investors.

In addition to TFL, Jump Crypto, Jump Trading, Republic Capital, Definance Capital, GSR Markets, Three Arrows Capital, Nicholas Platias, and Do Kwon are also named in the lawsuit. Patterson and the plaintiffs’ group accused the defendants of “repeatedly touting the stability of the UST.”

Additionally, the lawsuit claims Terra-based tokens are unregistered securities.

“The Terra tokens are securities that TFL failed to register before being sold,” the plaintiffs’ attorneys said.

South Korean Ministry Of Foreign Affairs Revoke Passport Of Do Kwon. The lawsuit came to light on June 18, 2022, and was brought to light by one of the former TFL employees, Fatman who tweeted about the case being filed in California. The lawsuit explains investors were told the prices of UST and Anchor were stable.

The lawsuit against TFL and the hedge fund group follows a recent lawsuit against Binance US, which was accused of selling unlisted securities and advertising terra usd (UST) as “safe.”

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