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Workers at Terraform Labs were said to have been prohibited from traveling out of South Korea while probing is ongoing. This ban was imposed on Terraform workers by Prosecutor’s investigation team from Southern Seoul. The purpose of the ban was to prevent notable Terraform workers from eluding investigation.
It was also gathered that the company’s CEO: Do Kwon, is currently staying in Singapore. Due to this fact, Prosecutors might likely make a move to invalidate his passport. Subsequently, an exhaustive investigation might be conducted on him.
More Information on the Ban and Measures Against Future Crypto Crash
One of the company’s workers: Daniel Hong, Confirmed that workers at Terraform have been prohibited from leaving the country. Hong also said the company’s workers were not warned against trying to destroy evidence as probing continues.
Daniel Hong showed his displeasure, by protesting that they were being treated as outlaws. He further said that the travel ban might have tampered with the willingness of the company workers to cooperate with ongoing investigations.
Last month, a crime probing unit was reinstated in South Korea, and they were charged with the investigation of the Terra crash. This unit was made up of different regulators, and they are to bring all unauthorized trading plans to book.
At the same time, Korean exchanges have developed a system that will guarantee regulatory compliance. This system will also prevent such occurrences as that of the Terra crash.
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