Kwon was behind the TerraUSD stablecoin, which was meant to have a constant US$1 value in a complex arrangement with sister token Luna. The edifice fell apart in May, worsening a US$2 trillion crypto rout, pushing a range of digital-asset firms toward insolvency and causing consternation at regulators globally.
South Korea is set to strip Terraform Labs Pte founder Do Kwon of his passport, intensifying pressure on the fallen entrepreneur to return to the nation and face charges over a US$60 billion crypto crash.
The 31-year-old must hand the document back or else it will be revoked in about 14 days, according to a government notice posted on Wednesday. Kwon’s location is unclear and he is the subject of an Interpol red notice.
