Wednesday, October 5, 2022

Do Kwon on South Korea’s watchlist, as authorities secure ‘travel ban’ against him

South Korean authorities may have secured an all-round travel ban against TerraForm Labs former and interim executives Do Kwon and Daniel Shin, per a local news report. This in part means that they are both restricted from leaving the country. It also means that those that are not in the country, must notify authorities once they come in.

Prosecutors keen on scrutinizing Terra and Do Kwon

Following requests by South Korean prosecutors to investigate Terra’s business dealings and possible criminal acts, the Ministry of Justice has now approved. And in support of the investigation, the ministry also issued “notification upon arrival” and “departure ban” notice to the duo.

For a while now, especially since the crash of LUNA, TerraForm and its executives have been constantly under the spotlight. The firm has been hit with a wave of fraud allegations and a preempted criminal scheme. The new travel ban notices, however, will help prosecutors to keep an eye on Do Kwon. He’s reportedly in Singapore at the moment.

While the investigations appear to be centred around Do Kwon, all other executives of the firm will also be questioned in line with TerraUSD (UST) and Terra (LUNA) collapse.

Lawsuits in progress

Do Kwon currently faces at least, three separate lawsuits. Terra investors filed a lawsuit against Do Kwon for offering Terra (LUNA) tokens without informing them about its risks. Although, he has since debunked these claims. Additionally, U.S. top law firms Scott+Scott Attorneys at Law LLP, The Rosen Law Firm, and Bragar Eagel & Squire are also filing lawsuits against TerraForm Labs, and all concerned.

Meanwhile, South Korea has now launched a full-scale investigation into other exchanges that may have been linked with Terra. About 15 crypto firms were searched over last week, while transaction documents were also seized in the process. But only those that are relevant to the case. Some of the crypto firms include Bithumb, Coinone, Upbit, Gopax, and others.

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