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South Korean authorities ban key Terra developers from leaving the country

South Korean authorities ban key Terra developers from leaving the country

Prosecutor's office calls to court for a whistleblower on TerraForm Labs founder Do Kwon's secret dealings.

According to JTBC, authorities are in contact with platform employees but are concerned that witnesses may try to avoid participating in the investigation and leave South Korea.

Following an investigation into the collapse of the UST and LUNA cryptocurrencies, an employee who reported the machinations of Terra founder Do Kwon was subpoenaed, according to media reports. The witness claims Do Kwon "made enough money to buy the island."

Moreover, it is noted that in case of necessity, the authorities will conduct raids aimed at confiscation. According to the publication, the investigation against Kwon is not expected to start soon since the founder of Terra is currently in Singapore.

At the end of May, the South Korean prosecutor's office started inspecting Terra for signs of a Ponzi scheme. The collapse of UST, supported by Terra Blockchain, began on May 8. The cryptocurrency lost its peg to the U.S. dollar after a one-time sale of tokens worth about $300 million. 

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