The South Korean prosecutors who are currently investigating the infamous TerraUSD case, have asked the Ministry of Justice to impose a “notification upon arrival” on Terraform Labs CEO Do Kwon.
According to the local media reports, prosecutors in South Korea also sought a travel ban for Terra cofounder Shin Hyun-seung aka Daniel Shin.
Just a few days back, S.Korean prosecutors raided the house of Daniel Shin. His payment app Chai Corp. Authorities believe that Terra funneled money into various companies via tax havens in 2019, and Shin’s company is considered to be one of those.
When an urgent investigation on the subject is essential, the investigative force will typically be notified upon the subject’s entry into the country as part of a “notification upon arrival” metric.
The CEO of Terraform Labs reportedly resides in Singapore, and the prosecutor’s office has refused to give out information about the investigations into Do Kwon’s exact location.
Before raiding Shin’s office, S Korean prosecutors raided crypto exchanges like Upbit, Bithumb, Coinone, and four other local exchanges to assess their possible connection with Terraform Labs and its collapse.
