Do Kwon and Daniel Shin, executives of Terra Labs, have received “notification upon arrival” and “exit restriction” notifications from South Korea’s crime investigation team. The prosecution’s request for more investigation into fraud accusations against TerraForm Labs and its executives is approved by the South Korean Ministry of Justice.
Terra’s new restrictions were published by a local media
According to local news outlets on July 27, the South Korean Ministry of Justice granted permission for the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutors to issue a “notice upon arrival” on Terra’s Do Kwon.
A “departure restriction” has also been placed on TerraForm Labs’ current and past leaders, including co-founder Daniel Shin and former Vice President Kim Mo.
The notifications will assist the fraud investigation team in further investigating Do Kwon after his return from Singapore on suspicions of fraud and money laundering. In addition, several executives will be examined in connection with the (UST) and (LUNA) collapses.
Do Kwon is also charged with continuing to promote (LUNA) coins without disclosing the investment dangers. Additionally, he must appear in court for hearings related to litigation Terra investors have brought against him.
Leading legal firms Scott+Scott Attorneys at Law LLP, The Rosen Law Firm, and Bragar Eagel & Squire has brought three class action lawsuits against TerraForm Labs, Do Kwon, and related parties in the United States.
“FatMan,” a Terra insider, yesterday stated through a tweet that he will be joining lead plaintiff Nick Patterson in the Scott+Scott class action case as a plaintiff. Another class action lawsuit for fraud against hundreds of investors is also being prepared against Do Kwon.
Since losing favor, the team partitioned its network and gave the new blockchain the name “LUNA.” The previous blockchain is currently known as LUNA Classic (LUNC).
LUNA’s price was $1.72 at the time of publication, up 2.4 percent over the previous day. LUNC, on the other hand, was up 4.3 percent in the previous day’s trade at $0.0000948.