August 8, 2022

Luna cryptocurrency token team banned from leaving Korea

South Korean prosecutors investigating the collapse of the Terra ecosystem have asked the Ministry of Justice to ban Terra co-founder Daniel Shin and all former and current executives of Terraform Labs from leaving the country.

As it became known, in addition to banning the Luna cryptocurrency token team from leaving South Korea, the district attorney asked representatives of the Ministry of Justice to send “a notice of arrival” (NOA) to Do Kwon. Do Kwon is currently in Singapore and it is not known if he will appear in Korea in the near future.

Daniel Shin and Do Kwon.
As it became known earlier, South Korean prosecutors conducted searches in 15 companies, including 7 cryptocurrency exchanges — all because of the investigation into the collapse of the UST and LUNA cryptocurrencies. Law enforcement began investigating after investors filed a lawsuit against Terraform Labs CEO Do Kwon and co-founder Daniel Shin, who are believed to be responsible for defrauding investors.

It will be recalled that at the beginning of July, the law enforcement agencies of South Korea and the United States agreed on cooperation in the investigation of the collapse of the Terra ecosystem – representatives of the prosecutor’s offices of both countries will exchange information on the progress of the investigation. Kwon and Terraform Labs are the subject of multiple lawsuits, with new allegations emerging almost daily. And some of his employees can no longer leave South Korea.

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