South Korea’s prosecutor’s workplace has restricted key workers of Terraform Labs from leaving the nation, based on a report by native media outlet JTBC on June 20.
The journey ban has been imposed to forestall Terra workers from fleeing the nation to keep away from investigation, based on JTBC.
The Seoul Southern District Prosecutor’s Workplace levied the departure ban in reference to the continued investigation in opposition to Terraform Labs for its function within the collapse of TerraUSD(UST).
JTBC reported that Terra founder and CEO Do Kwon is presently residing in Singapore. Subsequently, the prosecutor’s workplace is seeking to invalidate Kwon’s passport earlier than additional investigation. The prosecutors are additionally exploring whether or not Kwon and different Terra workers could be charged with crimes equivalent to fraud.
The journey ban encompasses even former workers of Terra, as identified by Daniel Hong, a former developer at Terra.
cease asking me why i could not make it to NYC frens, because of this: the Korean authorities imposed an exit ban for all ex-@terra_money workers at present pic.twitter.com/5Jds99ZNwQ
— Daniel Hong ? (@unifiedh) June 20, 2022
Within the quick Twitter thread, Hong went on to say that he and different workers weren’t notified concerning the ban. When Hong contacted the prosecutor’s workplace, he was knowledgeable that such bans are usually not introduced to forestall investigation targets from destroying proof.
Hong mentioned that being handled as “potential criminals” is “completely outrageous and unacceptable.” He added that the journey ban may lead some workers to alter their minds about cooperating with the authorities.
South Korean authorities launched investigations into Terraform Labs and its workers after the collapse of UST and its sister token LUNA, which left over 200,000 Koreans affected.
As well as, South Korea’s prime crypto exchanges have agreed to type a consultative physique to make sure stringent coin itemizing guidelines and keep away from a repeat of the Terra-LUNA fiasco.
