South Korean investigators seek notification of entry for Terra's Do Kwon LUNA terraluna LUNAtic
The Ministry of Justice granted the request to prohibit Terra co-founder Shin Hyun-Seong, former Vice President Kim Mo of Terraform Labs and other current and former officials of the company from leaving the country.
The prosecution launched a thorough investigation last week by seizing and searching a total of 15 locations, including the top cryptocurrency exchanges, Upbit and Bithumb, Terraform Labs affiliates and Chairman Shin's residence. Dunamu & Partners, which made an initial investment in Terraform Labs, were also included among the search and seizure targets.
Additionally, Donga reports that prosecutors examined the cryptocurrency transactions of former and present Terraform Labs executives, including CEO Do Kwon.The prosecution intends to contact Terraform Labs and staff members of associated companies, in turn, to conduct an investigation as soon as the examination of the confiscated items is complete., has filed a class action on behalf of people who purchased securities from TerraForm Labs Ptd. Ltd., Solana Labs, Inc.
It cites,"On May 25, 2022, the price of the UST hit a low of $0.07 per token, down from $1.00, which it has not been able to recover. The price of UST and LUNA tokens dropped by 91% and 99.7%, respectively, between May 7, 2022, and May 12, 2022, and has not recovered." It therefore alleges that"TFL intended to and did deceive retail investors and thereby caused them to purchase Terra Tokens at artificially inflated prices and it also endorsed false statements they knew or recklessly should have known were materially misleading," among other things, which were spelled out in a release.
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