Technology

Crypto Workers Behind Terra and Luna Are Facing a Flight Ban in South Korea

The ongoing crypto crash has brought a lot of investors back down to earth. In the case of current and former Terraform Labs employees, it’s keeping them literally grounded. Dozens of past and present staff from the company behind two notorious crypto coins, terraUSD and Luna, have been barred from leaving South Korea, according to multiple reports. The travel ban comes amid an intensifying investigation into the sudden collapse of terraUSD, a so-called “stablecoin” algorithmically pegged to the value of the US dollar. It turned out not to be so stable. Some of the first hints of the travel ban emerged on Twitter, where Daniel Hong, a former Terraform Labs employee posted that he hadn’t been allowed to board a scheduled flight to New York City. Korean outlet JTBC reported the same day that another person, one of the primary designers, behind terraUSD was under a travel ban.

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