Terra CEO Do Kwon, whose defunct cryptocurrency ecosystem precipitated a crash in digital assets, may have to return to South Korea after authorities sought to have his passport revoked.According to the prosecutor's office, a request to revoke the passport has been sent to the country's foreign ministry.
The ministry stated that it is reviewing the application and had previously warned that Kwon May try to remain in Singapore without a passport.The most recent actions follow an arrest warrant issued by a South Korean court for Kwon and five other people on allegations of breaking the capital-markets law, as reported by U.Today.
Kwon found himself at the epicenter of one of cryptocurrency's largest blowups after stablecoin TerraUSD depegged and brought down the Terra ecosystem. A $60 billion loss followed the crash of sister token LUNA . The May fall rocked confidence in the digital asset market, which has not fully recovered from its losses.
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