South Korea Bans Terra’s Main Designers from Leaving the Country

Following the infamous collapse of the Terraform Labs’ UST stablecoin and native token Terra (LUNA), the South Korean authorities have issued an order preventing Terra’s key designers from leaving the country. Travel Ban Put on Terra’s Key Designers According to a report from South Korean media outlet JBTC published today, the Seoul Southern District Prosecutor Office’s Joint Financial and Securities Crime Investigation Team has imposed a departure ban on Terra’s key designers as part of their investigation. The travel ban is effected to prevent these officials from fleeing the country like Do Kwon did. As of yet, it is unknown whether the designer in question was planning to escape the country before the order was issued. During an interview with JBTC, the designer said he had been in contact with Do Kwon who allegedly told him that he had “made enough money to buy an island.” The designer also told the media outlet that Kwon secretly sold the cryptocurrency to institutions so he could raise large amounts of money. As part of the investigation, the prosecutors are interested in whether the funds that were raised in this way were used to raise the coin’s price artificially. While the Terra designer remains in the country, prosecutors could raise the possibility of launching a forced investigation which would include search and seizure orders, as well as summoning the key officers.The post South Korea Bans Terra’s Main Designer...