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South Korea Puts This Crypto Company’s Staff On No-Fly List

South Korea Puts This Crypto Company’s Staff On No-Fly List


South Korea Puts This Crypto Company's Staff On No-Fly List

TerraUSD’s paired token, Luna, plunged in worth final month.

Seoul:

A number of workers of South Korea-based Terraform labs, the corporate behind the stablecoin TerraUSD, which collapsed final month and roiled cryptocurrency markets, can not go away 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’ Workplace, 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 listing.

He added that he couldn’t give additional particulars till after investigations had wrapped up.

A Terraform Labs spokesperson stated in an announcement, “We aren’t conscious of the small print of the reported ban.”

Losses related to the stablecoin additionally 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 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 Could, when the issues with TerraUSD grew to become obvious.

(Apart from the headline, this story has not been edited by NDTV workers and is printed from a syndicated feed.)



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