Terra employees banned from leaving Korea

 Fifteen people including employees and former employees of Terraform Labs were banned from leaving Korea after the collapse of the Luna and TerraUSD projects.

Bloomberg quoted an official from the Seoul prosecutor's office as saying that "people involved in the collapse of Terraform Labs including TerraUSD (UST) and Luna in May received orders to restrict movement." "The exit ban is often the first step in bringing a person into questioning," the person said.

According to Yonhap News, about 15 people, including old and new employees involved in the project, are on the travel ban list. Terraform did not comment on the above information.

Do Kwon, born in 1992, is the co-founder and CEO of Terraform Labs. Photo: Bloomberg
Do Kwon, born in 1992, is the co-founder and CEO of Terraform Labs. Photo: Bloomberg

"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, at the beginning of 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.

On the evening of June 9, television station JTBC said that the US Securities and Exchange Commission (SEC) worked remotely with some key employees of TerraForm Labs, focusing on the weak designs of the project. Luna. These employees said they "predicted" the demise of Terra and Luna, then sent a danger alert to CEO Do Kwon, but were all dismissed.

Some employees also said Kwon didn't receive a salary, but before the project collapsed, Kwon transferred $80 million into different e-wallets every month. This behavior is alleged to be related to money laundering. Shortly a

fter, the 9x CEO denied: "The claim that I made $2.7 billion is clearly untrue."

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