South Korean Bans Terraform Labs Staff From Leaving South Korea

South Korean Bans Terraform Labs Staff From Leaving South Korea

The South Korean authorities banned Terraform Labs staff from leaving the country as the investigation continues to heat up

South Korean Bans Terraform Labs Staff From Leaving South Korea
South Korean Bans Terraform Labs Staff From Leaving South Korea

According to reports, the South Korean prosecutors probing Terraform Labs and its co-founders, Daniel Shin and Do Kwon, over Terra’s failure, have issued a departure ban on both present and former employees of the company.

South Korean Prosecutors Probing Terraform Labs

According to local reports, South Korean prosecutors have made it illegal for employees of Terraform Labs to leave the country.

According to a story that was published on Monday by a local news station called JTBC, the joint financial and securities criminal investigation unit of the Seoul Southern District has prevented employees of Terraform Labs from leaving the country.

Reportedly, the unit in charge of investigating Terra’s $40 billion blowups that unraveled during the second week of May imposed the departure ban without notifying the affected employees in order to prevent them from suddenly fleeing the country during the ongoing investigation or potentially destroying evidence. This was done to prevent the employees from destroying evidence or fleeing the country abruptly.

Daniel Hong, a former developer for Terraform Labs, independently confirmed the JTBC report on Twitter today, saying that he was unable to leave the country because the Korean government imposed an exit ban for all [email protected]_money employees today.

He stated that the prosecutors had not notified him of the departure ban, and he later added that they rarely warn persons who are under investigation of travel bans in order to prevent them from destroying evidence or fleeing the country before the investigation has been completed.

Korean Authorities Question Employee

According to a report that was broadcast by JTBC the previous month, the Korean authorities had reportedly questioned each and every employee of Terraform Labs.

On the other hand, a crypto sleuth going by the name FatManTerra, who claims to have direct links with the prosecutors, alleges that the authorities had trouble getting in touch with the employees.

Today, in response to Hong’s statements made on Twitter, he posted the following:


“They subpoenad you [Hong] and all Terra employees. This has been all over the news. Korean prosecutors and our investigation teams have been trying to contact all of you, but almost everyone is ghosting. What do you expect? Reap what you sow”


Hong refuted the allegations made by FatManTerra, responding that the Korean prosecutors had not made contact with him and that he had attempted to make contact on many occasions but had been rebuffed each time.

According to a number of stories in the media, the special investigations unit is conducting an inquiry against Terraform Labs and its co-founders, Do Kwon and Daniel Shin, on several claims. These allegations include tax evasion, money laundering, fraud, and operating a Ponzi scheme.

Mirror Protocol

Run by Terraform Labs, Mirror Protocol is a synthetic asset platform. The United States Securities and Exchange Commission is investigating the company and its founders on the suspicion that they illegally sold unregistered securities to customers located in the United States using the platform.

In an appeal that was heard on June 9 before the United States Court of Appeals, Kwon and his company were unsuccessful in their attempt to challenge the subpoena requests made by the SEC. Now, it is Terraform Labs’ responsibility to supply the securities regulator with any and all papers and testimony that they have sought.


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