Terra LUNA/UST Core Designers Grounded by South Korean Authorities

  • Terra’s main designers face a departure ban from South Korea. 
  • The Republic of Korea is taking its LUNA and UST investigation very seriously. 
  • South Korea pushed its 20% Bitcoin (BTC) tax to 2025.

Reports say that South Korean authorities are putting a ban on LUNA/UST employees and developers from leaving the country. In detail, it seems that Terra’s main designers cannot leave South Korea. 

As we can see from Blockworks’ tweet above, the news came from a JTBC article. In fact, the article goes on to explain the situation with Terra and the South Korean authorities. It is no secret that Kwon Do-hyung is under investigation for the LUNA crisis. 

More so, JTBC says that the Seoul Southern District Prosecutor’s Office’s Joint Financial and Securities Crime Investigation Team (Collaborative Team) is in charge of the case. They are the ones who imposed the departure ban.  

Presently, it is known that the prosecution is coordinating the investigation schedule with Terra officials. However, an official from the Ministry of Justice said, “It is impossible to confirm whether the departure ban is related to the confidentiality of the investigation.”

At the same time, it is known that the prosecution has entered into a legal review to see if it is possible to charge Kwon and others with crimes such as fraud and violation of the Act on Similar Receiving Acts.

So far, South Korea says it will penalize crypto exchanges based in the country over the collapse of LUNA and UST. No doubt, this whole fiasco has affected not only the entire crypto market but also the Republic of Korea. 

Although the nation is taking strict measures with the Terra team, it is clear that the country still has faith in cryptocurrency. After all, South Korea just delayed its 20% Bitcoin (BTC) tax to 2025. It seems they are taking every measure to ensure the simplified use of cryptos within its borders. 

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.