South Korea hits dozens with travel bans amid crypto probe

SEOUL, South Korea (AP) — South Korean prosecutors have barred dozens of people connected to Terraform Labs from leaving the country as they expand an investigation into a $40 billion collapse of the company’s cryptocurrency that devastated traders around the world. The Seoul Southern District Prosecutor’s Office said Wednesday it plans to summon them for questioning as it examines whether the company committed fraud or violated financial regulations before its digital currencies, TerraUSD and Luna, imploded in May. South Korea’s central bank said in a recent report that the currencies’ collapse was a major factor in the global currency market shrinking by more than 40% compared to late last year, when its market value reached over $2.3 trillion.