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Monday, June 27, 2022

S Korea bans Terraform staff from leaving country amid probe

South Korea has banned current and former employees of Terraform Labs from leaving the country, suggesting prosecutors are stepping up their investigation into the TerraUSD stablecoin’s collapse.

An official with the prosecutors’ office in Seoul confirmed that “officials linked to the stablecoin’s collapse” have received travel restrictions but declined to disclose how many got the notice or describe the status of the investigation. 

“Departure bans are normally imposed to have them included for questioning,” the person said by phone. 

Yonhap News reported that about 15 people, including former project developers for the Anchor lending protocol, received travel restrictions, citing “legal sources”. Terraform did not respond to email requests for comment.

South Korea’s move comes a little more than a month after the high-profile implosion of…

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