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SOUTH KOREA HITS DOZENS WITH TRAVEL BANS AMID CRYPTO PROBE

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Techlife News #556

South Korean prosecutors have barred dozens of people connected to Terraform Labs from leaving the country as they expand an investigation into a $40 billion collapse of the company's cryptocurrency that devastated traders around the world.

SOUTH KOREA HITS DOZENS WITH TRAVEL BANS AMID CRYPTO PROBE

The Seoul Southern District Prosecutor's Office said it plans to summon them for questioning as it tries to determine whether the company committed fraud or violated financial regulations before the implosion of its digital currencies, TerraUSD and Luna, in May.

The office didn't specify the number of people placed under the monthlong travel ban or who they are, although they may include current and former staff members and developers. Prosecutors refused to provide more details, saying the investigation was ongoing.

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