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15 Terraform Staffers Banned from Leaving South Korea Amid Investigation

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Tue, 06/21/2022 - 15:28
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Yuri Molchan
More than dozen of former and current high-ranking staffers of Terra are prohibited from leaving South Korea
15 Terraform Staffers Banned from Leaving South Korea Amid Investigation
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Bloomberg has reported that as prosecutors are investigating the recent massive collapse of Terra's LUNA and UST, 15 of its former and present employees are not allowed to leave South Korea, where the criminal probe is taking place.

Terra employees to be questioned by investigators

These 15 high-profile employees include former developers of lending protocol Anchor. They have all received restrictions to travel out of the country and may be invited for interrogation. Here Bloomberg cited Yonhap news agency from South Korea.

However, the source of Yonhap refused to share where the investigation stands now or how many of those Terra employees have been questioned already. However, the source stated that "departure bans are normally imposed" in situations like this.

No comments on that have been received by Terra as of now.

Terra-developing company sued in U.S.

As reported by U.Today earlier, Nick Patterson slammed Terraform Labs with a class-action lawsuit, accusing the company of selling unregistered securities. Besides, he accused the company of issuing consecutive misleading statements about the total ecosystem of Terra blockchain, shilling TerraUST and Anchor and their stability.

Those who decided to invest in these were promised and guaranteed 20% interest in their stakes.

The legal suit insists that Terra's PR campaign lured in and harmed both inexperienced investors and professionals.

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Do Kwon denies cashing out billions of USD in crypto

Earlier, it was reported that founder of Terra Labs Do Kwon allegedly moved a comprised $2.7 billion worth of LUNA and UST to his own wallets before the collapse of the blockchain took place, cashing out that crypto.

The founder tweeted in response that he has been receiving only a USD-denominated salary in the past two years and rejected rumors and allegations of him stealing the money for himself.

The reason for him not to take the founder's share of tokens was that he wanted to avoid a conflict of interest.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.