People say that Terraform Labs employees can’t leave South Korea because the scheme’s main creators can’t leave the country.
On Monday, JTBC, a South Korean news outlet, reported that the office of the Seoul Southern District Prosecutor had assigned an investigation group that put a travel ban on the main group of Terraform Labs participants. Prohibition was put in place to ensure that the company’s most important employees did not relocate to another nation to avoid further scrutiny.
In addition, that report said that Do Kwon, who is the CEO of Terraform Labs and the most important person in the investigation, is currently living in Singapore, which is outside of South Korea. A preliminary inquiry into Kwon’s case may include actions taken by the prosecution, such as the nullification of his passport.
Even ex-employees of the Terraform Labs were advised not to destroy evidence during the investigation, according to Daniel Hong, a Terraform developer. Hong also expressed his displeasure with the rule, saying that it implies that staff are being treated as convicts, which he deemed inappropriate.
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In light of the prohibition, the developer said that staff who had intended to help may have backed off. Employees’ shifting opinions may not be favorable to the platform. Terraform Labs has found itself in a difficult predicament, but the venue’s future strategy has not yet been announced.
As part of their investigation into the Terra market crash, South Korean authorities reactivated the “Grim Reapers,” a well-known unit that specializes in financial criminal investigation. Members of the committee, which includes a variety of regulators, will focus on bringing criminal charges against illegal and fraudulent trading activities.
A unique framework has been put in place by South Korean crypto exchanges to ensure that the regulatory agenda is being adhered to in addition to the collective decisions to avoid this happening again. A disaster like this would necessitate a quick response from the emergency services.