Terra LUNA Boss Faces Deportation as South Korea Moves To Invalidate Passport

2 mins
11 October 2022, 12:30 GMT+0000
Updated by Ali M.
11 October 2022, 12:43 GMT+0000
In Brief
  • The validity of Terraform Labs CEO Do Kwon’s passport is expected to expire on Oct. 19.
  • According to authorities, this would make him an illegal resident and could result in his expulsion from Singapore, his last known location.
  • South Korea’s Foreign Ministry issued an order for Kwon to return his passport on Oct. 5.
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Terra LUNA price spells trouble as the passport of Terraform Labs CEO Do Kwon is expected to expire on Oct. 19, meaning he faces becoming an illegal alien wherever he is currently living.

If the passport of an individual living abroad becomes invalidated, the holder faces deportation. In the case of Do Kwon, authorities hope this will precipitate a breakthrough in the investigation into the disgraced chief executive.

But where is Terraforms Labs CEO Do Kwon at present?

According to South Korea’s Ministry of Foreign Affairs and the Seoul Southern District Prosecutors’ Office, Kwon was issued an order to return his passport on Oct. 5.  

However, if the passport is not returned to the Ministry of Foreign Affairs, a passport management agency, or a diplomatic mission abroad within 14 days of the announcement, South Korea’s Foreign Ministry said the passport would lose its validity, in accordance with Article 13 of the country’s Passport Act. 

Accordingly, if Kwon does not surrender his passport by Oct. 19, it will no longer be valid, and his status within his last known residence of Singapore will change to that of an illegal resident.

At this point, authorities in South Korea hope the local government will expel Kwon, and perhaps cooperate with extraditing the fugitive to face justice.

Last month, Kwon became an internationally wanted man after Interpol issued a red notice for him.

Earlier this year, the prices of the cryptocurrencies issued by Terraform Labs, Luna and stablecoin Terra (UST), plummeted over the course of a week, resulting in the liquidation of roughly $45 billion.

Kwon was widely disparaged for his handling of the crisis, which consisted of half-hearted statements of support and surreptitious withdrawals from the company’s recovery fund. Consequently, authorities froze about 95 billion South Korean won of Kwon’s assets, to which he replied: “I don’t know whose funds they’ve frozen, but good for them.”

Terra LUNA Price reaction muted so far

Terra LUNA price remains stagnant, trading within a tight range that appears to be getting narrower over time. This sort of inactivity can be better seen on the 12-hour chart, where the Bollinger Bands are squeezing. From a technical perspective, the longer the squeeze, the higher the probability of a spike in volatility.

Still, it remains to be seen in what direction the trend will resolve because the news surrounding Do Kwon does not seem to favor LUNA price. Investors should keep an eye on the $2.81-$2.13 range because a decisive 12-hour candlestick close outside this price pocket can help determine where Terra LUNA price will go next.

Slicing through the $2.81 resistance level could give LUNA the strength to advance to $3.42 or even $4.20. But if LUNA price drops below the $2.13 support level, it could trigger a steep correction toward $1.50.

Terra LUNA Price
Source: TradingView

Given the ambiguous outlook that Terra LUNA price presents, it is imperative to wait for a decisive close outside the $2.81-$2.13 range before entering any trade.

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BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.