Terra CEO Do Kwon Now Receives a “Notice on Arrival” In South Korea

Terra CEO Do Kwon Now Receives a “Notice on Arrival” In South Korea

The 2022 crypto market crash has the Terra scandal at its center. South Korean prosecutors looking into the Terra scandal have requested that CEO Do Kwon get a “notice upon arrival” from the Ministry of Justice. According to the local media outlet Herald Corp, the investigators have also allegedly requested a travel ban for Daniel Shin, a co-founder of Terraform Labs.

If and when Kwon crosses South Korean territory, investigators will get a “notice upon arrival.” Such actions are conducted in the course of a pressing inquiry in which the suspect has escaped the area of authority. Kwon is reportedly now residing in Singapore. However, when Forkast spoke with the prosecutor’s office, they would not disclose Kwon’s location.

After the UST de-peg and the collapse of the Terra network in May, a lot of crypto investors sued Shin and Kwon. Shin asserted that he cut his relationship with the business in 2020.

Shin recently made headlines after South Korean law enforcement officers searched his home. As part of a series of raids by the police, his payment platform Chai Corp was also looked at. They also investigated Upbit, Bithumb, Gopax, and other cryptocurrency exchanges.

Investigators also discovered a Terra subsidiary by the name of FLEXE Corporation. It is alleged that FLEXE was used to transfer money from abroad to businesses connected to Terra. When the inspectors arrived at the specified location, the business wasn’t present in the building. Furthermore, the organization was a closed paper company, according to KBS, a South Korean news outlet.

Since losing favor, Terra partitioned its network and gave the new blockchain the name “LUNA.” The previous blockchain is currently known as LUNA Classic (LUNC).

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