South Korean prosecutors have banned Terra employees from leaving the country
The South Korean public prosecutor’s office has restricted key terraforming lab employees from leaving the country, report By local media JTBC on June 20th.
According to JTBC, a travel ban was imposed to prevent Terra employees from fleeing the country to avoid investigations.
The Southern Seoul Public Prosecutor’s Office has imposed a departure ban on its role in the collapse of TerraUSD (UST) in connection with an ongoing investigation into Terraform Labs.
JTBC reported that Terra founder and CEO Do Kwon currently resides in Singapore. Therefore, the prosecution is considering revoking Kwon’s passport before further investigation. The prosecution is also investigating whether Mr. Kwon and other Terra employees could be prosecuted for fraud and other crimes.
The travel ban also includes former Terra employees, as pointed out by former Terra developer Daniel Hong.
Stop asking me why I couldn’t go to Friends in New York, this is the reason: The South Korean government has imposed an exit ban on all.@terra_money Today’s employee pic.twitter.com/5Jds99ZNwQ
— Daniel Hong 🪄 (@unifiedh) June 20, 2022
In a short Twitter thread, Hong went on to say that he and other employees had not been notified of the ban. When Hong contacted the prosecution, there was information that no such ban had been announced to prevent the investigators from destroying the evidence.
Being treated as a “potential criminal” is “absolutely unacceptable,” Hong said. He added that the travel ban could change some employees’ thinking about working with authorities.
South Korean officials have begun investigating Terraform Labs and its employees after the collapse of UST and its sister token LUNA, affecting more than 200,000 Koreans.
In addition, South Korea’s top crypto exchanges have agreed to secure strict coin list rules and form an advisory body to avoid repeated Terra-LUNA blunders.
