The ongoingcrypto crashhas bring a lot of investor back down to earth . In the case of current and former Terraform Labs employee , it ’s keeping them literally grounded .
Dozens of retiring and present staff from the company behind two ill-famed crypto coin , terraUSD and Luna , have been barred from leaving South Korea , according to multiple reports . The travel ban add up amid an escalate investigation into the sudden collapse of terraUSD , aso - called“stablecoin ” algorithmically nail down to the value of the US buck . It turned outnot to be so stable .
Some of the first hints of the locomotion ban come forth on Twitter , where Daniel Hong , a former Terraform Labsemployee postedthat he had n’t been allowed to get on a scheduled flight to New York City . Korean outletJTBC reportedthe same Clarence Day that another mortal , one of the chief designers , behind terraUSD was under a travel forbiddance .
Does this look stable to you?Photo:Hasbi Sahin(Shutterstock)
Then , on Tuesday , the Seoul Southern District Prosecutors ’ Office affirm a travel ban was in effect for 10 of current and former Terraform workers , according toa reportfrom the Financial Times . Bloomberglikewise reported that “ officials link to the stablecoin ’s flop ” were barred from air traveling , citing an functionary with the public prosecutor ’s office . The prosecutor ’s office did not immediately respond to Gizmodo ’s request for scuttlebutt .
https://twitter.com/embed/status/1538825838279663617
South Korea ’s ongoing investigating into the Terra / Luna collapse is being precede by a specialfinancial law-breaking whole , dub the “ Grim Reapers of Yeuido , ” after the Seoul fiscal district , Yeuido ( reckon South Korean Wall Street ) . The financial - focused investigating team gained renown for its theatrical role inhundreds of arrestsin past cases including bombastic embezzlement scandals . In the case of Terraform Labs , the “ Grim Reapers ” are look intopossible fraudand other financial violations on the part of the party , its employees , and its father , Do Kwon .
The probe add up after the filing of two official complaint from a group of 81 investors . “ Terraform founding father and the society deceived investors with their flawed algorithmic coin , ” scan the complaint papers , according to an in the beginning , Financial Times study .
CryptocurrenciesGizmodoLunaStablecoinTerra
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