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PYPL   70.76 (-1.48%)
NFLX   175.91 (-2.05%)
S&P 500   3,808.39 (-0.34%)
DOW   30,965.96 (+0.06%)
QQQ   282.11 (-0.50%)
AAPL   138.86 (+1.03%)
MSFT   259.04 (+1.00%)
META   162.49 (+1.13%)
GOOGL   2,224.55 (-0.70%)
AMZN   108.29 (+0.83%)
TSLA   668.60 (-4.21%)
NVDA   153.12 (-4.19%)
NIO   21.48 (-3.94%)
BABA   115.21 (-1.33%)
AMD   76.63 (-5.14%)
MU   55.39 (-4.27%)
CGC   3.50 (-3.05%)
T   20.81 (+0.97%)
GE   63.50 (-3.61%)
F   11.43 (-3.22%)
DIS   94.84 (-1.13%)
AMC   13.37 (-0.07%)
PFE   50.86 (+0.39%)
PYPL   70.76 (-1.48%)
NFLX   175.91 (-2.05%)
S&P 500   3,808.39 (-0.34%)
DOW   30,965.96 (+0.06%)
QQQ   282.11 (-0.50%)
AAPL   138.86 (+1.03%)
MSFT   259.04 (+1.00%)
META   162.49 (+1.13%)
GOOGL   2,224.55 (-0.70%)
AMZN   108.29 (+0.83%)
TSLA   668.60 (-4.21%)
NVDA   153.12 (-4.19%)
NIO   21.48 (-3.94%)
BABA   115.21 (-1.33%)
AMD   76.63 (-5.14%)
MU   55.39 (-4.27%)
CGC   3.50 (-3.05%)
T   20.81 (+0.97%)
GE   63.50 (-3.61%)
F   11.43 (-3.22%)
DIS   94.84 (-1.13%)
AMC   13.37 (-0.07%)
PFE   50.86 (+0.39%)
PYPL   70.76 (-1.48%)
NFLX   175.91 (-2.05%)
S&P 500   3,808.39 (-0.34%)
DOW   30,965.96 (+0.06%)
QQQ   282.11 (-0.50%)
AAPL   138.86 (+1.03%)
MSFT   259.04 (+1.00%)
META   162.49 (+1.13%)
GOOGL   2,224.55 (-0.70%)
AMZN   108.29 (+0.83%)
TSLA   668.60 (-4.21%)
NVDA   153.12 (-4.19%)
NIO   21.48 (-3.94%)
BABA   115.21 (-1.33%)
AMD   76.63 (-5.14%)
MU   55.39 (-4.27%)
CGC   3.50 (-3.05%)
T   20.81 (+0.97%)
GE   63.50 (-3.61%)
F   11.43 (-3.22%)
DIS   94.84 (-1.13%)
AMC   13.37 (-0.07%)
PFE   50.86 (+0.39%)
PYPL   70.76 (-1.48%)
NFLX   175.91 (-2.05%)

South Korea hits dozens with travel bans amid crypto probe

Wednesday, June 22, 2022 | The Associated Press


A screen, right, showing the falling values of the Luna is seen at a cryptocurrency exchange in Seoul, South Korea, Friday, May 27 2022. South Korean prosecutors have announced Wednesday, June 22, 2022, that they 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. (Ryu Hyo-lim/Yonhap via AP)

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 tries to determine whether the company committed fraud or violated financial regulations before the implosion of its digital currencies, TerraUSD and Luna, in May.

The office didn’t specify the number of people placed under the monthlong travel ban or who they are, although they may include current and former staff members and developers. Prosecutors refused to provide more details, saying the investigation was ongoing.

Daniel Hong, a former Terraform developer, tweeted a government notice showing that he was banned from leaving the country through July 19. Hong tweeted: “stop asking me why i couldn’t make it to NYC frens, this is why: the Korean government imposed an exit ban for all [email protected]_money employees today.”

The collapse of TerraUSD and Luna, developed by Terraform Lab’s Stanford-educated co-founder Do Kwon, affected an estimated 280,000 South Korean investors while causing broader turmoil in the global cryptocurrency market.

TerraUSD was designed as a “stablecoin,” which are pegged to stable assets like the U.S. dollar to prevent drastic fluctuations in prices. However, around $40 billion in market value was erased for the holders of TerraUSD and its floating sister currency, Luna, after the stablecoin plunged far below its $1 peg in May.

South Korean prosecutors launched the investigation last month following collective complaints filed by dozens of investigators. They could try to summon Kwon, who is reportedly in Singapore and faces accusations that he exaggerated the stability of his currencies.


The Bank of Korea, South Korea’s central bank, said in a report published earlier this month that the collapse of TerraUSD and Luna 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. The U.S. Federal Reserve’s recent decision to raise its key interest rate to fight inflation has also contributed to the slide by further repelling investors from volatile assets, the bank said.


7 Risk-Off Stocks to Buy as Inflation Remains at Record Levels

Inflation has gone from a transitory problem that would take care of itself to an existential threat that is moving the Federal Reserve to take swift, aggressive action. In January 2022, the Consumer Price Index (CPI) showed inflation in the United States was at its highest level since 1982.

And the market is reacting predictably with what appears to be a shift from risk-on to risk-off assets. This is having a negative effect on many stocks, particularly in the tech sector, that are no longer justifying their extended valuations.

But investors are also seeing a drop in cryptocurrency prices and other speculative assets. This may be a short-term phenomenon, but if you’re an investor looking at how to make money in 2022; it’s time to get a little defensive. But playing defense doesn’t mean accepting mediocre growth. It simply means moving into stocks and sectors that are likely to benefit from high inflation and rising interest rates.

That’s the focus of this special presentation. We invite you to consider these seven risk-off stocks that look like strong candidates to increase in value even as inflation remains high.



View the "7 Risk-Off Stocks to Buy as Inflation Remains at Record Levels".

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