South Korean authorities banned Terra’s main developers from leaving the country
According to the preliminary results of the investigation, the collapse of the ecosystem may have been caused by the company itself
20.06.2022 - 14:55
428
1 min
0
What’s new? South Korean prosecutors have launched an investigation into Terraform Labs (TFL) following the collapse of the TerraUSD (UST) stablecoin and the Terra native token (LUNA). Law enforcement officials issued an order banning the project's chief developers from leaving the country. This is reported by the local publication JBTC.
How did the events develop? According to local media reports, the Joint Financial and Securities Crimes Investigation Unit of the Seoul Southern District Prosecutor's Office imposed a travel ban on a certain citizen A. According to him, the CEO of TFL Do Kwon was illegally selling cryptocurrency to companies in order to make large profits. The prosecutor's office wants to know if the funds raised in this way were used to artificially inflate the price of LUNA.
Preliminary conclusions from the prosecutor's office. The investigation found that Terra's collapse may have been the result of the company's own actions, since the wallet whose transaction was followed by the collapse of the ecosystem was actually maintained by TFL. The company is also accused of laundering $4,8 million through a South Korean shell firm that allegedly provided blockchain consulting services.
On June 10, the US Securities and Exchange Commission (SEC) initiated an investigation into the collapse of UST. The regulator will check whether the stablecoin's marketing strategy violated federal investor protection laws.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$99 122
BTC
+2.14%
-
Ethereum
$3 374.48
ETH
+7.99%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.4
XRP
+25.79%
-
Dogecoin
$0.393141
DOGE
+2.26%
-
Cardano
$0.881899
ADA
+12.82%
-
Bitcoin Cash
$494.73
BCH
-5.65%
-
Polkadot
$6.19
DOT
+8.89%
-
Stellar XLM
$0.282567
XLM
+19.71%
-
Litecoin
$90.19
LTC
+0.12%