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Terra (LUNA) Key Officials Face Travel Ban in Korea

As the investigation into the unusual collapse of TerraUSD and Luna continues, Korean prosecutors have taken measures to impose a departure ban on core designers of the TerraForm Labs. This is to prevent them from evacuating the country, thereby hindering the investigation process. 

Terra (LUNA) Investigation Rush

According to JTBC, the Joint Financial and Securities Crime Investigation Team, a subset of the Seoul Southern District Prosecutor’s Office, is pressing hard on getting to the root of the Terra (LUNA) crash.

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In the light of this, the prosecution team saddled with the responsibility of investigating the case has recently stopped one of TerraForm Labs officials from traveling out of Korea. The name of this official remains undisclosed but was labeled as ‘Mr. A.”

On the presumption that other key players of the said crypto project could evade the country in a bid to escape further investigations, Korean prosecutors have successfully taken measures to place a departure ban on these key players.

In response to this action, a Ministry of Justice official said, “It is impossible to confirm whether the departure ban is related to the confidentiality of the investigation.”

The report further reveals that the prosecution office has plans of launching a forced investigation on these key officials, including a search and seizure, as well as ‘summoning by lines’ of officials.

However, for some reason, this compulsory investigation of Do Kwon and his officials is predicted to take some time before commencement.

Meanwhile, the prosecution is coordinating an investigation schedule with Terra officials, according to people familiar with the matter.

Read Also: VeChain Set To Implement Finality-With-One-Bit (FOB), a Block Finality Solution

Do Kwon Woes Continue

Per the news, Mr. A submitted to JTBC that he had heard Dohyeong Kwon, the Founder of TerraForm Labs say that “he had made enough money to buy an island.” More so, Mr. A told Korean reporters that CEO Do Kwon secretly sold coins to institutions to raise a large amount of money. 

Consequently, the investigation team is currently reviewing the claims to ascertain whether the funds raised in this direction by Do Kwon were used for price manipulation.

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So far, several lawsuits have been filed against the CEO of TerraForm Labs, Dohyeong Kwon. Nonetheless, the Joint Financial and Securities Crime Investigation Team are said to be currently reviewing the claims made by Mr. A.

If these claims turn out to be true, then Do Kwon and his officers could be charged with crimes such as fraud and violation of the Act on “Similar Receiving Acts.”


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Ndianabasi Tom
Ndianabasi Tom
Ndianabasi Tom joined the crypto and blockchain industry in 2019. He is an all-rounded crypto content writer. He mostly covers industry news, developments, and other educational resources. He believes that proper crypto awareness is instrumental to achieving mass adoption.
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