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People involved in the Terra case refrained from leaving the country.
For a week now, The Seoul Southern District Prosecutors Office continued to investigate the case of collapsed UST algorithmic stablecoin of Terra network. The investigation of South Korean officials also included fraud allegations against co-founders of Terraform Labs, Do Kwon and Daniel Shin.
On 27 July, it was reported that the authorities have closed their ongoing raids on different crypto companies whom they found in connection with the case of Terra ecosystem collapse. Initially, the investigation included the search and seizure of about seven crypto exchanges as well as eight different locations. This included residences and offices of all the people who were related or involved in the case.
According to the reports, the raid went on to continue for a week. This is given the authorities have asked for a significant amount of data from the companies to deliver. Even though officials found data to be insufficient, they employed data analysts in order to excerpt the data. This led to more time spent in the process of search and seizure. They also anticipated analyzing the collected data that was to be found during the raid in order to issue warrants for Do Kwon and Daniel Shin.
On 27 July, the Ministry of Justice reported to issue a notice for Kwon ordering him for notification upon arrival. This implied that Kwon was asked to inform South Korean officials about his arrival back from Singapore. Otherwise, the investigators are also looking towards the option of putting Kwon in arrest after issuing a red corner notice to Interpol.
Meanwhile, Daniel Shin was restrained from going anywhere out of the country. Last week, home and office belonging to Shin were also raided. This month itself, former employees at Terra were restricted from traveling outside the country.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
