Korean Police Ask Crypto Exchanges to Freeze Luna Foundation Guard’s Assets – Featured Bitcoin News

Korean Police Ask Crypto Exchanges to Freeze Luna Foundation Guard's Assets

The South Korean police have allegedly sent off an examination concerning conceivable theft including a worker of Terraform Labs. To forestall store moves, the police have mentioned crypto trades to freeze the Luna Foundation Guard’s accounts.

Embezzlement Investigation and Asset Freeze

The Seoul Metropolitan Police Agency’s Cybercrime Investigation Unit declared Monday that it has sent off an examination concerning conceivable misappropriation by a worker of Terraform Labs, neighborhood media reported.

An official from the Seoul Metropolitan Police Agency was cited by Chosun as saying:

We have gotten data that there is an individual associated with stealing corporate assets who is accepted to be a representative of Terraform Labs.

The police got reports of the supposed theft in this month and have been investigating the situation. As a feature of the examination, the police intend to really take a look at the subtleties of money and crypto exchanges of Terraform Labs and the Luna Foundation Guard (LFG).

The police made sense of that there is proof that stole reserves had streamed into the Luna Foundation Guard’s records. The cybercrime unit has along these lines mentioned significant homegrown digital currency trades, like Upbit and Bithumb, to “urgently” freeze the records having a place with the Luna Foundation Guard to forestall withdrawals of assets held at crypto exchanges.

However, the police’s freeze demand is certainly not a mandatory matter as indicated by Korean regulations and guidelines yet a matter that should be for arbitrary reasons performed by each crypto trade. Thusly, it has not been affirmed whether the freeze demands have been completed, the distribution conveyed.

Cryptocurrency land (LUNA) and stablecoin terrausd (UST) fell recently after UST lost its stake to the U.S. dollar.

Following the breakdown, the Korean government sent off a crisis examination concerning the two coins and met with agents of the nation’s top crypto trades to talk about measures to keep comparable occurrences from happening.

Last week, various casualties recorded a claim against Terraform Labs CEO Kwon Do-hyung (otherwise known as Do Kwon) with the Seoul Southern District Prosecutors Office on charges of abusing the Act on the Aggravated Punishment of Specific Economic Crimes (misrepresentation) and the Act on the Regulation of Similar Receipts.

In expansion, Do Kwon disintegrated Terraform Labs Korea days before the breakdown of LUNA and UST. While many smelled a rat, Kwon guaranteed that the timing was simply “coincidental.” He likewise asserts that his organization doesn’t owe the Korean government any taxes.

Labels in this story

do kwon, misappropriation, stealing reserves, freeze accounts, freeze resources, freeze reserves, Korean police, lfg, LUNA, luna establishment monitor, land (LUNA), TerraUSD, terrraform labs, UST

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Kevin Helms

An understudy of Austrian Economics, Kevin tracked down Bitcoin in 2011 and has been an evangelist from that point onward. His inclinations lie in Bitcoin security, open-source frameworks, network impacts and the crossing point among financial matters and cryptography.

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