South Korean and US authorities discuss investigations into Terra
Countries are concurrently investigating Terraform Labs’ activities for fraud and trading in unregistered securities
11.07.2022 - 13:10
399
1 min
0
What’s new? South Korean Justice Minister Han Dong-hoon met with US investigators regarding the countries’ separate investigations into Terraform Labs (TFL) and its head Do Kwon. Han also met with representatives from the FBI during his visit to the States, at which the officials agreed to strengthen cooperation in the fight against transnational crimes, such as cybercrime involving cryptocurrencies or ransomware.
Terra situation. In late May, the South Korean Prosecutor’s office launched an investigation against TFL employees on suspicion that they knew about Terra’s possible collapse. Key developers were later banned from leaving the country. Also, the local tax service reported that TFL was laundering money through a shell company.
In June, the US Securities and Exchange Commission (SEC) launched an investigation into Do Kwon. He is suspected of involvement in the organization of trade in unregistered securities through the Mirror protocol, created on the Terra blockchain.
For more details on the lawsuits against Terra, see the GetBlock Magazine editorial’s feature.
Useful material?
Crypto regulations
According to Brad Garlinghouse, the magnitude of the impact of such harassment on the crypto ecosystem is beyond prediction
May 13, 2024
Crypto regulations
The condition is part of the exchange’s agreement with authorities to plead guilty to regulatory violations
May 13, 2024
Market
The USDT issuer responded by saying that the report lacked sufficient data to support such claims
May 10, 2024
Incidents
The breach was reported to Binance by the head of its monitoring department, who was later fired
May 9, 2024
Trends
In April, the project’s launch on the crypto exchange was postponed twice
May 9, 2024
Incidents
Users were urged to withdraw funds before the site was completely shut down on November 7
May 8, 2024