Korean Police Request LFG Asset Freeze: KBS - Aliens: AI Crypto News & Markets Updates
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Korean Police Request LFG Asset Freeze: KBS

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Crypto Briefing

Mon, May 23, 2022

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South Korean authorities have asked crypto exchanges to freeze assets linked to the Luna Foundation Guard, KBS has reported.

Terraform Labs co-founders Do Kwon and Daniel Shin are also facing a lawsuit from a group of South Korean investors in the fallout from UST's depeg event.

Per a Monday report published by the South Korean national broadcaster, the Seoul Metropolitan Police Agency’s Cybercrime Investigation unit has asked several local exchanges to withhold funds held in wallets used by the Terra-affiliated non-profit organization.

Earlier this month, Terra suffered the greatest crash in crypto history when its UST stablecoin lost its peg to the dollar, sending its volatile token LUNA into a death spiral and erasing about $40 billion of value in a week.

According to local media reports, Terraform Labs owes $78 million—the equivalent of about 40% of the remaining assets LFG claims to hold —in taxes after it began transferring funds to LFG.

Those reports raised questions over the company’s recent relocation to Singapore, but the company’s CEO Do Kwon has since clarified that the move was “a personal decision.” Kwon, along with his co-founder Daniel Shin, is also facing a lawsuit from a group of South Korean Terra investors on allegations of fraud.

South Korean legislators are due to meet with Korea’s five top cryptocurrency exchanges this week, where it’s expected they’ll have to answer whether they adequately protected customers from losing their funds on LUNA and UST.

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