The Right Place to Buy, Earn, Exchange and Borrow against Your Crypto.

Get Started
South Korea issues notification of arrival for Terra’s Do Kwon South Korea issues notification of arrival for Terra’s Do Kwon

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.

South Korea issues notification of arrival for Terra’s Do Kwon

Cover art/illustration via CryptoSlate

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.

Posted In: , , Legal, People