Terra Do Kwon and Daniel Shin issued an order for “Notification Upon Arrival” and a “Departure Ban.”

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Last Updated on September 11, 2022 by Bitfinsider

Former and current TerraForm Labs executives, including Do Kwon and Daniel Shin, have received “notification upon arrival” and “departure ban” notices from South Korea’s crime investigation team. The South Korean Ministry of Justice has approved prosecutors’ request for additional investigation into allegations of fraud against TerraForm Labs and its executives.

According to local news outlets, South Korea’s Ministry of Justice has approved the request of the Seoul Southern District Prosecutors’ Joint Financial and Securities Crime Investigation Team to issue a “notification upon arrival” on Terra’s Do Kwon. There is also a “departure ban” on current and former TerraForm Labs executives, including co-founder Daniel Shin and former Vice President Kim Mo.

The notices will assist the crime investigation team in further investigating Do Kwon upon his arrival from Singapore on allegations of fraud and money laundering. In addition, other executives will be investigated in connection with the TerraUSD (UST) and Terra (LUNA) collapses.

Furthermore, Do Kwon is accused of continuing to offer Terra (LUNA) tokens to investors without informing them of the investment risks. He is also required to attend court hearings on lawsuits filed by Terra investors against him.

Meanwhile, Daniel Shin has disavowed Do Kwon and Terra and posted a notice on his Chai app. In connection with the Terra-LUNA crash, the investigation team raided Daniel Shin’s home and offices last week. Transaction records and documents pertaining to TerraForm Labs were also seized during a search and seizure at 15 cryptocurrency firms. Upbit, Bithumb, Coinone, Korbit, and Gopax are among the cryptocurrency exchanges.


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Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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