Key Takeaways
- According to a Monday JTBC report, Terraform Labs employees have been banned from leaving South Korea while the investigation of Terra’s blowup is still ongoing.
- One former Terra developer confirmed the reports on Twitter today, stating that the prosecution didn’t notify any employees of the ban to stop them from potentially destroying evidence or fleeing the country.
- Outside Korea, the U.S. Securities and Exchange Commission is probing Terraform Labs and its founders on suspicion of illegally selling unregistered securities to U.S. customers.
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South Korean prosecutors investigating Terraform Labs and its co-founders Daniel Shin and Do Kwon over Terra’s collapse have reportedly imposed a departure ban on current and former employees.
Prosecutors Impose Departure Ban on Terraform Labs Staff
South Korean prosecutors have reportedly banned Terraform Labs employees from leaving the country.
According to a Monday report by local news outlet JTBC, the Seoul Southern District’s joint financial and securities crime investigation unit has blocked certain key Terraform Labs employees from leaving Korea. The unit, in charge of investigating Terra’s $40 billion blowup that unraveled over the second week of May, reportedly imposed the departure ban without notifying the affected employees to stop them from abruptly fleeing the country amid the ongoing investigation or potentially destroying evidence.
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