Terra designers banned from getting out of South Korea

Sahana Kiran
Source – Pixabay

It is been quite some time since the entire market witnessed the downfall of Terra. However, it continues to remain a prominent topic of discussion. The bears have started to wash out several other projects. This has further urged the community to time and again compare these unstable projects with the downfall of LUNA. While regulators have shifted their focus on regulating the entire market, South Korea continues to scrutinize Terraform Labs [TFL].

According to a recent report by South Korea’s media network JTBC, prosecutors investigating the whole Terra fiasco have banned the designers of the project from leaving the country. The Seoul Southern District Prosecutor’s Office’s Joint Financial and Securities Crime Investigation Team have been overseeing the investigation and have particularly imposed a ban on the departure of a key designer from TFL.

Speaking about the same, an official from the Ministry of Justice said,

“It is impossible to confirm whether the departure ban is related to the confidentiality of the investigation.”

In addition to this, the prosecutors are expected to hit the employees with mandatory searches as well as seizures in the coming days. This certainly created a storm in the community as Kwon remained untethered in Singapore. Kwon would only be a part of the investigation once his passport is invalidated as he continues to reside in Singapore.

Therefore, some believe that it might take a while for Kwon to undergo a mandatory probe. However, the regulators have the capacity to charge Kwon with fraud as well as violation of several acts.

Here’s how much money Kwon has managed to secure

The aforementioned key designer under investigation reportedly spoke to JTBC and revealed that Terra’s Kwon made enough money to buy an island.

Following the Terra crash, an array of employees came forward and revealed that they were suicidal post the losses incurred during the downfall of LUNA. The fact that Kwon entailed immense funds certainly angered many.