According to a report published by South Korean media outlet News1, Terra founder Do Kwon's passport will expire on Oct. 19.
This means that he will become an illegal resident who will be subject to deportation.
In late September, the International Criminal Police Organization (Interpol) issued a red notice for Kwon. However, the controversial Terra co-founder denies being on the run.
As reported by U.Today, local media outlets reported that South Korean prosecutors had frozen 56.2 billion won ($39.6 million) worth of the controversial entrepreneur’s cryptocurrency assets.
Terra founder Do Kwon claimed that his cryptocurrency assets weren’t actually frozen by South Korean authorities.
OKX and KuCoin, two popular crypto trading platforms, received requests from South Korean authorities to freeze these assets in September. However, the Terra co-founder claims that he hasn’t used the aforementioned platforms over a long period of time.
Kwon has suggested that the ongoing investigation against him might be politically motivated.
Prior to that, the entrepreneur tweeted that he was "looking forward" to clarifying the truth about his current predicament. Many, however, remain skeptical as Kwon continues to deny any negative press coverage.
Despite mounting legal troubles, the price of Terra Classic (LUNC) is up more than 4% over the past 24 hours. Despite Kwon’s mounting legal troubles and unfavorable market conditions, the token has been resilient.