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South Korea Puts Cryptocurrency Company Terraform Labs’ Staff On No-Fly List

Several workers of South Korea-based Terraform labs, the corporate behind the stablecoin TerraUSD, which collapsed final month and roiled cryptocurrency markets, can’t depart the nation, prosecutors stated.

TerraUSD’s paired token, Luna, plunged in worth final month, sparking a dump and igniting a series response that has pushed some main establishments within the crypto sector into extreme difficulties. TerraUSD was meant to be pegged 1:1 to the U.S. greenback.

An official at South Korea’s Supreme Prosecutors’ Office, who declined to be named as is customary in South Korea, stated a number of Terraform Labs workers had been placed on a no-fly checklist.

He added that he couldn’t give additional particulars till after investigations had wrapped up. A Terraform Labs spokesperson stated in a press release, “We are not aware of the details of the reported ban.”

Losses related to the stablecoin additionally contributed to difficulties at US-based crypto lender Celsius, which suspended withdrawals this month, and Singapore-based crypto hedge fund Three Arrows Capital, which is contemplating choices together with the sale of belongings and a bailout by one other agency.

Bitcoin, the world’s largest cryptocurrency, is buying and selling at about $20,000, having misplaced about half of its worth since early May, when the issues with TerraUSD grew to become obvious.

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