Terra developers barred from leaving Korea

Korea’s prosecutors have blocked Terra developers and former developers from leaving the country pending investigations into the failed crypto project.

The Financial and Securities Crime Joint Investigation Team placed the travel embargo on the developers is to prevent persons of interest in the case from leaving the country, per Korean media outlet, JTBC.

The move could also be in preparation for additional investigative actions such as search and seizures, as well as subpoenas for other persons involved.

One former Terra developer, Daniel Hong, said on Twitter that developers like himself had not been notified of the travel embargo.

Do Kwon and Terraform Labs are already facing several investigations and lawsuits in different jurisdictions both in Korea and abroad.

These probes stem from the collapse of luna and the TerraUSD (UST) stablecoin.

Terraform Labs is also under investigation for possible tax evasion in Korea to the tune of about $78 million. Kwon has previously responded that the company does not have any outstanding tax liabilities in the country.