{"id":572650,"date":"2022-06-20T11:37:45","date_gmt":"2022-06-20T10:37:45","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=572650"},"modified":"2022-06-20T13:12:14","modified_gmt":"2022-06-20T12:12:14","slug":"terra-designer-banned-leaving-south-korea","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/terra-designer-banned-leaving-south-korea\/","title":{"rendered":"Terra Developers Banned From Leaving South Korea"},"content":{"rendered":"\n<p>Summary:<\/p>\n\n\n\n<ul><li>Mr. A claims to have inside knowledge of certain dealings by CEO Do Kwon.<\/li><li>Investigators want to prevent the individual from leaving the country.<\/li><li>Do Kwon claimed to cash out enough money to buy an island, according to Mr. A.<\/li><li>Prosecutors are considering a search and seizure of Kwon&#8217;s assets.<\/li><li>Direct charges are also considered against the Terraform Chief and other employees.<\/li><li>The travel ban extends to ex-TFL employees as well.<\/li><\/ul>\n\n\n\n<p>South Korean Prosecutors have pressed a departure ban against a core designer of Terra\u2019s crypto tokens as investigative efforts dive deeper into the LUNA Classic (formerly LUNA) crash.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">According to South Korean media JTBC, the Prosecutor&#39;s Office issued a departure ban on one of Terra&#39;s main designers. Prosecutors may also initiate mandatory investigations such as searches and seizures in the near future. Do Kwon remains in Singapore. <a href=\"https:\/\/t.co\/VUh8SAUvVa\" rel=\"nofollow\">https:\/\/t.co\/VUh8SAUvVa<\/a><\/p>&mdash; Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1538794726739935232?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">June 20, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>According to local media outlet <a href=\"https:\/\/news.jtbc.joins.com\/article\/article.aspx?news_id=NB12063165\" rel=\"nofollow noopener\">JTBC<\/a> on Monday, officials from the Seoul Southern District Prosecutor&#8217;s Office in collaboration with the Joint Financial and Securities Crimes Investigation team issued a ban that prevents Mr. A from leaving the country.&nbsp;<\/p>\n\n\n\n<p>Mr.A was reportedly identified as a core design team member for Terra\u2019s tokens.<\/p>\n\n\n\n<p>Former employees of Terraform Labs are also barred from leaving the country. One Daniel Hong disclosed the development via Twitter on Monday. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">none of us were notified of this at all; when i found out about this, the south korean prosecution told me they usually don&#39;t notify people of this because they might destroy evidence and\/or leave the country beforehand<\/p>&mdash; Daniel Hong \ud83e\ude84 (@unifiedh) <a href=\"https:\/\/twitter.com\/unifiedh\/status\/1538826557745414144?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">June 20, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2>Investigators Target Terra Employees and Do Kwon\u2019s Assets<\/h2>\n\n\n\n<p>Apart from Mr. A\u2019s involvement in Terra\u2019s token designs, JTBC also reported that the figure could have inside knowledge of some of Do Kwon\u2019s activities. The news house reported that Kwon supposedly said he \u201cmade enough money to buy an island\u201d and that the CEO sold an unnamed coin to institutions for a considerable sum.&nbsp;<\/p>\n\n\n\n<p>JTBC did not disclose the crypto token or the institutions supposedly involved.<\/p>\n\n\n\n<p>Prosecutors are also reportedly exploring legal means to bring charges against Do Kwon and other Terra employees in connection to fraud and other violations. Asset seizures and search warrants are being considered as well, per the report.&nbsp;<\/p>\n\n\n\n<p>The move is part of a broader <a href=\"https:\/\/en.ethereumworldnews.com\/do-kwon-terraform-labs-sec-subpoenas\/\">investigation<\/a> into LUNA\u2019s crash, the token built by Do Kwon\u2019s Terraform Labs which recently cratered and wiped out around $40 billion from investors&#8217; pockets.&nbsp;<\/p>\n\n\n\n<p>LUNA Classic was also a sister token to UST, an algorithmic stablecoin that promised high yield returns on protocols like Anchor. UST crashed alongside LUNA Classic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Terra designer blocked from leaving Korea as investigations into the $40 billion LUNA wipe-out intensify.<\/p>\n","protected":false},"author":55,"featured_media":572651,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[825,2,108366],"tags":[108424,108538,108548,108511],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/572650"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=572650"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/572650\/revisions"}],"predecessor-version":[{"id":572669,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/572650\/revisions\/572669"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/572651"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=572650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=572650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=572650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}