South Korean Prosecutors place notice upon arrival on Terra CEO
Terra CEO Do Kwon, who is currently under investigation for the Terra and LUNA ecosystem crash, is being cornered by the South Korean Prosecutors, heraldcorp reports.
The Seoul Southern District Prosecutor's Joint Financial Crimes Investigation Team requested the Ministry of Justice to place a ‘Notice upon Arrival’ on Kwon Do and a travel ban on Terraform Labs co-founder, Daniel Shin.
Furthermore, the prosecutors are not letting any current or former executive leave the country as the case is still under investigation.
‘Notice upon Arrival’ means the authorities will inform the prosecutors as soon as Kwon Do touches down at the South Korean airport to investigate him.
As of now, Kwon Do is rumored to be staying in Singapore but SK Prosecutors hope to bring him back to the country to probe millions of losses his company caused to South Koreans.
Prosecutors also found Terra’s existing subsidiary FLEXE Corporation which was used to transfer money to Terra-related companies. FLEXE turned out to be a dormant paper company, as reported by KBS, a South Korean news source.
Meanwhile, Terra announced a new fork called LUNA to start a new ecosystem, the older ecosystem will be called Classic LUNA, despite being surrounded by investor lawsuits.