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Do Kwon is set to lose his South Korean passport amid investigations into the collapse of Terra

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South Korea is preparing to revoke the passport of Terraform Labs co-founder Do Kwon. It comes amid mounting pressure on the crypto entrepreneur to return to the country as he faces fees of more than $60 billion he lost after the collapse of Terra Luna and stable TerraUSD in May.

Do Kwon Passport Cancellation

Being Do Kwon wanted To hand over his passport to the authorities, otherwise it will be canceled within two weeks. Kwon’s location remains unknown after Singaporean authorities said he is no longer located in the country as previously thought.

South Korean authorities maintain that Kwon is a fugitive and have even issued an Interpol Red Notice against him. Kwon was behind the stablecoin TerraUSD, which lost its peg in May, causing the entire Terra ecosystem to collapse. The crash exacerbated the falling crypto process and pushed many crypto companies into bankruptcy.

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Won, along with five of his colleagues, is accused of violating South Korea’s capital markets laws. Terraform Labs has dismissed the charges against the company, adding that the case against it is politicized.

A local newspaper earlier reported that Seoul authorities have frozen $40 million worth of Kwon’s assets. However, Kwon denied the accusations, saying that the frozen funds did not belong to him and that he did not use the OKX or KuCoin exchanges.

On Thursday, prosecutors associated with the case said that one of the defendants in the case had already been arrested. The individual, named Yu, was arrested for breaking capital markets laws, fraud, and engaging in market manipulation.

While South Korean prosecutors confirm Kwon is a fugitive, the crypto entrepreneur has denied the allegations. On his Twitter page, Kwon confirmed that he is not a fugitive. After the original Terra ecosystem collapsed, Kwon stepped forward to create Terra Luna 2.0.

Luna Foundation Guard Denies Bitcoin Transfer

The Luna Foundation Guard also denied any allegations that it moved any assets held in its reserves since May 2022. LFG bought bitcoin to maintain the TerraUSD (UST) stablecoin peg.

Amid the South Korean authorities’ retreat from the assets of Do Kwon and his company, LFG has denied creating new wallets to transfer Bitcoin and other tokens it holds in its reserves.

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Terra Luna’s collapse caused an uproar across the market, given that LUNA ranked as one of the top ten cryptocurrencies by market capitalization before its demise. The crash has drawn regulatory attention to the stablecoin and the entire crypto space.

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Blockchain

Blockchain-based supply chain platform canned by IBM and Maersk

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US technology company IBM and Danish logistics company Maersk have decided to discontinue their blockchain-powered supply chain platform, TradeLens, citing a lack of “global industry collaboration” as the main reason behind the decision.

Maersk advertiser On November 29, it began taking immediate action to cease operations on the platform that should take full effect by the first quarter of 2023:

The TradeLens team is taking action to withdraw offers and shut down the platform […] During this process, all parties involved will ensure that customers are taken care of without interruption to their business.”

While it was a blockchain-based shipping solution provided by both companies In August 2018 to help industry participants adopt more efficient international supply chain practices, Maersk stated that the platform had not reached a level of “commercial viability” to maintain operations:

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“While we have succeeded in developing a viable platform, the need for full global industry collaboration has not been realized,” said Rotem Hershko, Head of Business Platforms at Maersk. As a result, TradeLens has not reached the level of commercial viability necessary to continue operating and meet financial expectations as an independent company.”

Maersk said the company will continue its efforts to digitize the supply chain and increase industrial innovation through alternative solutions to achieve the desired ends envisioned through TradeLens.

TradeLens works by tracking and processing critical supply chain data for each shipment in real time, before sealing a file Fixed event log On-chain for all involved participants to access and validate.

Related: How is blockchain technology used in supply chain management?

Although TradeLens did not reach the heights that IBM and Marersk first envisioned, the two companies managed to do so. On board more than 150 companies on a supply chain-focused blockchain that included a combination of port operators, shipping companies, and logistics service providers.

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Among those companies were two from the world largest container carriersand CMA CGM and the Mediterranean Shipping Company, which integrated the system in October 2020.

TradeLens’ discontinuation comes as data from IBM claims the platform has saved users an estimated 20% in documentation costs and reduced the time it takes to ship goods by 40%.

According to Statista, blockchain technology is making Keeping data records is easierand more transparent and secure due to its static nature.

Despite this, many shortcomings continue to hamper blockchain adoption in the world of supply chain, including high transaction costs, privacy concerns, scalability, and a lack of industry collaboration, as evidenced by the late adoption of TradeLens.