South Korea Banned Terra/Luna Staff

[Agbe]

It is no longer a news what happened to Terra/Luna cryptocurrency in the crypto space.

Luna is a token of Terra which was a blockchain Developed in South Korea company called Terraform Labs in 2018 and it was lunched in 2019. The spearheaded founder is Daniel Shin.

In the month of April 2022, the company could not withstand with the test of time so it drastically crashed. And after the crashed, the team was trying their best to revive it and Luna 2.0 was also created but a lot of questions were answered if the new Luna was different from the old one.
And by the month of June, 2022, South Korea banned the Terra/Luna team to fly out from the country.





https://www.google.com/amp/s/gizmodo.com/terra-luna-terraform-labs-crypto-bitcoin-flight-ban-sou-1849087540/amp

https://currency.com/amp/what-is-terra-luna-your-ultimate-guide

https://dyor-crypto.fandom.com/wiki/Terra_(LUNA)

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[goaldigger]

This is worst, and probably Korean government are just preventing them to leave the country while there’s an issue of manipulation and an on-going case maybe against them. I wonder how they can still work with this kind of restriction, LUNA is drowning to death here and investors should know this if there’s still is. I’m leaving LUNA behind, this is a useless project already, and I wonder why Korean government acts like this lately, this is another warning to every holders of this LUNA.

[jackg]

I saw the news about the ban on the ft before as well: https://www.ft.com/content/19c27ae1-ae72-4668-b3a9-162adc27dffc

This is worst, and probably Korean government are just preventing them to leave the country while there’s an issue of manipulation and an on-going case maybe against them.

I think that will be a case that goes on for a long time now too (perhaps more than a year this travel ban will be in place).

[JeromeTash]

What took them so long. In fact, the people being Terra Luna should be arrested and put behind bars

Do Kwon and company are scammers, and there is information showing that he even cashed out before the crash.

[btc_angela]

What took them so long. In fact, the people being Terra Luna should be arrested and put behind bars

Do Kwon and company are scammers, and there is information showing that he even cashed out before the crash.

Perhaps they've gathered evidence first to make this case very tight for the government because prosecuting this criminals.

And so this issue a travel ban, good news and it just shows how series the government are in tracking this scammers and they don't want them to escape. Hopefully this will not drag in years, those who lost money here wanted a fast and swift action and justice.

[Desmong]

The project had create a bad impression in the crypto market seeing a great project like luna crashing out pose a great concern in the crypto market and call on more research before we jump into a project. Luna staffs are not responsible for the current situation of the project and they are just ordinary staffs that are being paid for their services. Retaining them would noy solve the current problem but add more effects to those workers that had nothing or know nothing much about what had happened.

[Piesel]

Luna's case I a bit different from other tokens that have witnessed similar attacks on their network before, this situation looks like an inside job or an exit scam to me because luna has not been able to fine their stand ever since the incident happened.
I know the situation will lead to a prolongged legal battle when investors will be demanding for their investment.

[Lagduf]

Better than nothing. The government may a bit too late to do that but at least the terra team can't leave the country to move to the another country to hide from what already accused for all of them. It's quite clear that if this team was a criminal caused by they were being blocked to move out from the south korea. They are all criminals and do kwon as the main actor that allegedly hodl bunch of money from scamming the investors must be catch as well.

[blockman]

It's not a test of time for them. They've chosen what they have to choose and planned it all along. Whatever is happening to them is the result of what they've done purposely.
If they haven't done the wrong thing of being selfish and abandoning the project by dumping all of their assets to the investors, they'll probably still in good contact but I think whatever they happen, it's already an abandoned ship and no place for any recovery.

[MAAManda]

I just heard this news now, and I think the decision made by the South Korean government was the right one. They must be punished for their actions, and the punishment is that they have to solve everything that happened to the destruction of $LUNA, they must not leave the country before this matter is resolved. But I wonder, is the South Korean government's decision aimed at security? We know that there are many people out there whose lives have been ruined because of $LUNA.

[X-ray]

That's a good step from the government. At least this will give hope for the people in south korea if the developers can be jailed from their shady act. So many people were loosing their lives. this means if the developers must be responsible for this kind of accident. This will never happen if the developers didn't try to did a garbage experiment like UST. People were also so dumb by believing in this piece of shit. I hope that those who lost a lot in this case can get their justice.

[EmmaGod]

I'm yet to get a full grasp of what transpired and caused the crashed. It feels like the developers or staff of Luna are still under investigation and that explains why they're not allowed to travel out of the country. From the look of things, it would be very difficult for Luna to regain the trust of the market as there's still a gap in information as to the cause of the crash.

[Dave1]

They should have put the notice much earlier though. But still good to hear that S. Korea is taking this very seriously. They really have to unravel and investigate Do Kwon and his men if they did it intentionally or if not, why is there no safety nets to protect their investors because this is one of the worst meltdown in crypto market And when you think that this people can be trusted, they pull this off, whether scam or not. Many lost a lot of their hard earn money in the course and at least the government should look for ways to compensate them back courtesy of Do Kwon if he has assets that can be liquidated.

[GreatArkansas]

Very the worst tragedy.
Some people for sure here are just affected, they are innocent but their life is being devastated. This is the worst project I saw, look at now a lot of people are affected especially the families of affected staffs or any Terra-related persons.
The government will really interfere now on the issue, the money lost is extremely huge plus the recent dump happened, a lot of people suffered.

[TravelMug]

I'm yet to get a full grasp of what transpired and caused the crashed. It feels like the developers or staff of Luna are still under investigation and that explains why they're not allowed to travel out of the country. From the look of things, it would be very difficult for Luna to regain the trust of the market as there's still a gap in information as to the cause of the crash.

Of course they are under investigation so they are not allowed to travel outside and hide. Because we don't know, maybe they will just disappear and run from the law without us getting our answers and money.

As for what transpired, simply put, they don't have the reserves to put back the stable coin to 1:1. Their reserves is mostly in bitcoin so when bitcoin goes down and so is their reserves. So it de-peg causing a large withdraws until it can no longer recover back causing their market to crash.

[MarjorieZimmermanGinger]

Because of too much recovery that Luna development is trying to do, thus forcing the impossible to happen, Korea has sent a signal to everyone, that this coin is a misfortune that can never be recovered, it's the worst I've ever seen, if On closer inspection, the Luna community has actually decreased significantly, even investors have left this coin, so be careful if you want to invest in the coin.