South Korea’s Ministry of Foreign Affairs is trying to get the co-founder of the now defunct stablecoin provider Terraform Labs, Do Kwon, to return his passport, according to a local media report on Thursday.
South Korea’s Ministry of Foreign Affairs also issued an order to the other five individuals to return the passports they posses. The order was put through after the Seoul Southern District Prosecutor's Office for Financial and Securities Crimes requested the six individuals' passports be invalidated, Munhwa reported.
As it usually takes a month for the passport to be invalidated, the prosecutors are likely to pressure the six individuals to return their passports before that time lapses.
South Korea's Ministry of Foreign Affairs did not immediately respond to CoinDesk's request for comment, while a Terraform Labs spokesperson declined to comment.
UPDATE (Sept. 16, 07:27 UTC): Adds Terraform Labs comment in the sixth paragraph.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.