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South Korea is putting the staff of crypto business Terraform Labs on a zero-fly list

Terraform Labs has been put on a no-fly list by South Korea

June 23, 2022: -Prosecutors said that several employees of South Korea-based Terraform labs, the company is after the stable coin TerraUSD, which collapsed in the previous month and roiled cryptocurrency markets, can not leave the country.

TerraUSD’s paired token, Luna, plunged in value in a month, sparking a sell-off and igniting a chain reaction that has pushed some major institutions in the crypto sector into severe difficulties. TerraUSD was meant to be pegged 1:1 to the U.S. dollar.

An official at South Korea’s Supreme Prosecutors’ Office, who declined to be named as is customary in South Korea, said multiple Terraform Labs staff had been put on a no-fly list.

He further said that he could not give more details until after investigations had wrapped up.

A Terraform Labs spokesperson said, “We are not aware of the details of the reported ban.”

Losses associated with the stablecoin again contributed to difficulties at U.S.-based crypto lender Celsius, which suspended withdrawals this month, and Singapore-based crypto hedge fund Three Arrows Capital, which is considering options including the sale of assets and a bailout by another firm.

Bitcoin, the world’s largest cryptocurrency, is trading at about $20,000, having lost about half of its value since early May, when the problems with TerraUSD became apparent.

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