The Ministry of Justice of South Korea issued a notice prohibiting the exit of Terra managers. According to this notice, the current director and the former director of TerraForm Labs are not allowed to leave the country.
South Korea’s criminal investigation team has issued a notice prohibiting the exit of Terra managers. This notice belongs to both the current director of the company, Daniel Shin, and Do Kwon, the former director of TerraForm Labs. South Korea’s Justice Ministry has also approved a request by prosecutors to further investigate allegations of fraud against TerraForm Labs and its executives.
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Tera managers are not allowed to go out
According to a July 27 local news media report, South Korea’s prosecutors have approved a request by the Seoul South District Securities and Financial Crimes Joint Investigation Team to “ban Terra’s executives.” In addition to Du Kwan and Daniel Shin, Kim Mo, the former vice president, has also been barred from leaving.
The declaration will help the criminal investigation team to begin their investigation into Luna’s fraud and money laundering charges as soon as Du Cowan arrives in Singapore. Other managers of TerraForm Labs will also be investigated due to the collapse of Luna Classic (LUNAC) and Algorithmic Stablecoin Terra (UST).
Many people believe that DeCoin continues to offer LUNA tokens without informing investors about the investment risks. He also has to appear in court due to complaints filed by investors.
Daniel Shin has now distanced himself from Du Quan and Team Tera and released an announcement on his Chai software. Last week, the investigation team raided Daniel Sheen’s office and home looking for clues to the Terra-LUNA crash case.
The search found transaction records and documents related to Terraform Labs. These documents are linked to crypto exchanges including Upbit, Bithumb, Coinone, Korbit and Gopax.
Three class-action lawsuits have been filed by prominent firms Scott+Scott Attorneys at Law LLP, The Rosen Law Firm, and Bragar Eagel & Squire against DuQuan, The Terra Project, and affiliates.
Terra member FatMan confirmed on Twitter yesterday that he will be joining the Scott+Scott lawsuit along with Nick Peterson. They also plan to file another class action against Do Quan for defrauding thousands of investors.
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