South Korea issues notification of arrival for Terra’s Do Kwon News ▸ South Korea ▸ Terra ▸ Legal
South Korea issues notification of arrival for Terra’s Do Kwon
South korean prosecutors want to be informed in case Terra's Do Kwon enters the country.
1 min read
Updated: Jul. 27, 2022 at 4:18 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
South Korean prosecutors have issued a “notification upon arrival” and travel ban on Terra’s founder and co-founder, Do Kwon, and Daniel Shin, South Korean news outlet donga reported on July 27.
A “notification upon arrival” notice means investigators will be informed when a person of interest enters the country and is usually used for crucial investigations only.
Do Kwon reportedly lives in Singapore.
The report stated that Kwon has continued offering Terra tokens without informing investors about the risks of such investments.
Terra co-founder targeted with travel ban
The South Korean prosecutors also issued a travel ban on Daniel Shin and former Vice President of Terraform Labs, Kim Mo.
Shin has insisted that he cut ties with Terraform Labs in 2020.
South Korean Investigators recently raided Shin’s house and are investigating his company, Chai Corp. The raid also affected several crypto exchanges in South Korea, including Gopax, Bithumb, and UpBit.
Investigations have already revealed that FLEXE, a dormant company with no physical office, was used to funnel money from Terra-affiliated firms overseas into the country.
A travel ban was also issued to major Terra developers to prevent them from leaving the country.
Terra is facing multiple lawsuits in the US
Project investors have also sued Do Kwon, Terraform Labs, and other partner firms, including bankrupt Three Arrows Capital, in the United States and South Korea.
Meanwhile, the US and South Korea have agreed to collaborate on investigating Terra and other crypto crimes.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Three Arrows Capital
Three Arrows Capital (3AC), a Singapore-based crypto hedge fund, collapsed due to poor risk management, recklessness in dealing with business partners and a significant portion of greed.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.