South Korean prosecutors investigating Terra-LUNA have requested the Ministry of Justice to place a “notification upon arrival” on Terraform Labs chief executive officer Do Kwon and a travel ban on Terra cofounder Shin Hyun-seung, according to local media reports.

See related article: South Korean prosecutors said to have raided Terra cofounder Shin’s residence

Fast facts

• The Seoul Southern District Prosecutor’s Office in charge of the investigation told Forkast that they will not dispute the local media reports.

• A “notification upon arrival” is a measure where the investigative force will be notified once the subject enters the country, usually taken when an urgent investigation on the subject is crucial.

• The Terraform Labs CEO is reportedly residing in Singapore, while the prosecutor’s office repeatedly declined to reveal details of the investigations on Kwon’s whereabouts to Forkast.

• Shin Hyun-seung, or Daniel Shin, was sued by Terra-LUNA investors along with Do Kwon for fraud in May shortly after the crash of the project’s stablecoin and sister cryptocurrency.

• Shin maintains that he cut ties with Terraform Labs in 2020.

• South Korean prosecutors conducted a search and seizure on 15 locations last week as part of the Terra-LUNA investigation, including seven cryptocurrency exchanges, Shin’s private residence and Chai Corporation, a Korea-based payments company of which Shin serves as founder and CEO.

See related article: S.Korea blocks ex-Terra employees from leaving country amid investigation