2022-05-24 05:00:48

South Korean Police Seeks to Freeze Luna Foundation Guard’s Assets

In the wake of this month’s TerraUSD (UST) stablecoin collapse, the Seoul Metropolitan Police Agency has launched an investigation into possible embezzlement by an employee of Terraform Labs. According to a report from local media, the police’s cybercrime unit said it had requested all South Korean cryptocurrency exchanges to freeze LFG’s accounts in order to prohibit them from withdrawing any corporate funds. The police claim that they intervened after finding clues indicating that there were embezzled funds within LFG. “We have received information that there is a person suspected of embezzling corporate funds who is believed to be an employee of Terraform Labs,” an official from the Seoul Metropolitan Police Agency was quoted as saying. Kwon Has Drawn Significant Scrutiny Since Terra ecosystem’s UST de-pegging event and LUNA collapse, founder Do Kwon has been the subject of scrutiny. Just last week, reports emerged that he had been ordered to pay $78 million for tax evasion in South Korea, an allegation he later denied, claiming that Terra has no outstanding tax liabilities in the country. In addition, Do Kwon dissolved Terraform Labs Korea days before the collapse of LUNA and UST. While many suspected foul play, Kwon claimed that the timing was just “coincidental.”The post South Korean Police Seeks to Freeze Luna Foundation Guard’s Assets appeared first on Cryptoknowmics-Crypto News and Media Platform.

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