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South Korean authorities ban CEO Terra from leaving the country

South Korean authorities ban CEO Terra from leaving the country

Now, the founder of Terra Do Kwon is living in Singapore and isn't going to return.  

According to Heraldcorp, if Do Kwon comes back to South Korea, the Border Service gives him a ban for leaving the country. The ban is during all investigation processes against Terra Labs. Prosecutor's office also banned international travel for co-founder Terra Daniel Shin.   

Almost one month ago government authorities banned the departure from the country of all key Terra developers, including former employees.  

As a reminder, after the collapse of the stablecoin UST, the project for a long time was a target for critics by different companies and government agencies. So the National Tax Service of Korea presented an invoice for $78 million. 

In July, Chainalysis’s analytics assumed that the fall of Terra was caused by two traders and their 5 operations. On the night 7th May the Terra Labs withdrew 150 million UST as a planning operation. So big and one-time operation sharply increased the volatility of the pool. Took advantage of this situation the two traders started converting stablecoin in dollars.

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