Terra employees banned from leaving Korea

 Fifteen people including employees and former employees of Terraform Labs were banned











"Stop questioning why I didn't make it to New York. Here's why: The Korean government has imposed an exit ban on all former Terraform Labs employees," said Daniel Hong, a former developer at Terraform. Labs, said on his personal Twitter. He said the ban was in place from June 20 to July 19.

According to South Korean broadcaster YTN, prosecutors are also seeking to invalidate the passport of Do Kwon, co-founder of Terraform Labs. The 9x CEO is said to be living in Singapore. If this happens, he must return to Seoul within 14 days to submit his passport. Korean authorities also ordered Kwon to be summoned and ordered to search and seize related documents at the company's office.

In early June, the Korea Herald reported that Terraform Labs had closed its office in Korea since last year to avoid paying taxes. This company dissolved the branch a few months before the incident hit.

UST is a stablecoin - a 1 USD price stable coin. However, in early May, the price of UST fell below 1 USD and is now only 0.008 USD. The Luna token that used to be worth more than 100 USD is now almost worthless.
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