South Korean authorities ban one of the world’s leading fashion designers from Earth leave the country.
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- South Korea issued a ban on Terra’s designer from leaving the country.
- Do Kwon allegedly earned enough money “to buy an island”.
- Do Kwon is hidden in Singapore.
- An estimated 200,000 South Koreans lost money after the crash.
The consequences of the collapse of the ecosystem have been many. Earth, not only for the crypto universe and its investors, but also for the creators of the project, of South Korean origin, who have seen how their country has taken increasingly strong measures against them. . Terraform Labs the company, behind the project has been investigated by the authorities; likewise, Do Kwon, the founder of Terra, has been charged with money laundering. ; and various members of his team have been questioned .
Now there’s more, the investigation of the company by the South Korean prosecutor’s office is intensifying, and the authorities issued an order preventing one of the key designers of Earth leave the country. It has not yet been established whether the designer in question planned to flee the country before the blocking order was issued.
Retained Designer
El Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Public Prosecutor’s Office imposed the exit ban on one of the key members as part of its investigation (the name was not released, South Korean media refer to him as Mr.A).
According to a South Korean media report, this designer previously told him that he spoke with Do Kwon, the CEO of Terraform Labs who allegedly told him that he had “earned enough money to buy an island “ . This team member also told reporters that Kwon secretly sold the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. to institutions in order to raise large amounts of money.
As part of the investigation, prosecutors are interested in whether the funds collected in this manner were used to artificially increase the price of the currency. In addition, the report indicated that the prosecutors’ activities raise the possibility of initiating a forced investigation that would include search and seizure warrants, as well as the subpoenaing of key officials.
Following such actions, there is a possibility that the prosecutor’s office will soon initiate a forced investigation, which includes a search and seizure, as well as the “convening of Terra members”. The prosecution is also reviewing whether Kwon and others can be charged with criminal acts such as fraud.
While this designer from Earth If he remains in the country, prosecutors could use the opportunity to initiate further investigations into Earth and this may include searches and even seizures of property. At the moment, the prosecution is involving Terra officials in the investigation. In the meantime, the travel ban is in place to prevent these officials from fleeing the country as Do Kwon did.
Internal collapse?
Meanwhile, new research has indicated that the collapse of the Earth may have been an inside job, as the wallet a place where cryptocurrency users can store, send and receive digital assets. identified as an “attacker” for generating a transaction that caused the collapse was actually holding it Terraform Labs. Besides that, Terraform Labs has been accused of laundering USD $4.8 million through a South Korean shell company.
South Korea’s government estimates that more than 200,000 South Korean citizens lost money when Luna y UST collapsed. After initiating investigations into the collapse of the Earth, authorities are now shifting the focus to the people linked to the team of developers of Earth.
Do Kwon hidden in Singapore
One key factor that may have informed this decision is the fact that the founder of Earth, Do Kwon, currently based in Singapore . This may have presented some legal hurdles for authorities as they work to uncover what happened when the ecosystem of Earth collapsed.
A few weeks ago, the South Korean parliament called on Kwon to come forward and explain what happened. It is unclear whether this call has been heeded as Do Kwon is not in the country. Kwon and his company, Terraform Labs are also accused of tax evasion in South Korea and must pay nearly $80 million US dollars.
Sources: JTBC , The Crypto Basic , Finbold, archivo
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