South Korea Investigators Imposes Travel Ban on Terra Developers

banner-image

The South Korean investigators in charge of the Terra-LUNA collapse have placed a travel ban on both old and new Terraform Labs developers and staff in a bid to discourage them from impeding its investigations. 

As reported by local media platform, JTBC, the move from the Seoul Southern District Prosecutor’s Office’s Joint Financial and Securities Crime Investigation Team comes off as one of the most definitive actions taken by the authorities since the probe into Terra and CEO Do Kwon started.

The JTBC report has highlighted more indictments for Do Kwon as the publication said one of the insiders it interviewed confirmed that Kwon raised funds from a secret token worth millions of dollars. The prosecutors are now examining whether the amount raised from these token sales was used for inflation the prices of assets connected with Terraform Labs remain what is being investigated by the authorities.

The report confirmed that the investigators are exploring scores of avenues to charge Kwon with fraud, but that his current residence in Singapore will largely complicate efforts to try him in South Korea.

Outrage on the Travel Ban for Terra Developers

A former employee of Terraform Labs who goes by the Twitter username, Daniel Hong has expressed a high level of dissatisfaction with the prosecutors who did not even deem it fit to give a heads-up with respect to the incoming travel ban.

“None of us were notified of this at all; when I found out about this, the South Korean prosecution told me they usually don’t notify people of this because they might destroy evidence and/or leave the country beforehand,” he said on Twitter, adding that “people being treated as potential criminals like this is absolutely outrageous and unacceptable. bet anyone who were willing to cooperate would no longer want to after this madness.”

There is no idea how many people the travel ban was extended to or in what exact way the move will help the investigations.

The embattled Terraform Labs is doing all it can to get past its current woes, however, the current market meltdown has kept the price of the newly launched LUNA tokens below $3 at the time of writing per data from CoinMarketCap.

May 29, 2024

Ark Invest's Cathie Wood has predicted that the GDP of Bitcoin..

May 29, 2024

Here Are The Top 3 Cryptocurrencies Touted As High-ROI Opportunities

ads-image ads-image