Saturday, December 2, 2023

Terra Employees Under Investigation By South Korean Authorities

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Terra employees are getting under investigation by South Korean authorities after the recent LUNA 2.0 relaunch so let’s have a closer look at today’s latest cryptocurrency news.

The unraveling of Terra is one of the biggest busts in the industry’s history and while Kwon already initiated his grand revival plan to salvage the ecosystem, the people that worked on it are now seeing the worthless LUNA classic token and are getting under investigation. The Financial Securities Crime Joint Investigation Team of the Seoul District PRosecturos’s Office summoned the Terra employees and obtained some relevant information.

The South Korean authorities investigated if Kwon was aware of the shortcomings and are looking into potential internal price manipulation so the prosecution also investigated if the domestic crypto exchange went through a proper listing and reviewing process. Devasted by the losses, a few investors filed complaints with the authorities against the two founders Daniel Shin and Do Kwon. The latest developments came two weeks after Kwon entered the process of being summoned in front of the country’s parliament and it was Yun Chang hyan as a rep from the nation’s ruling People Power Party who requested the hearing which touched upon the LUNA and UST collapse as well as the role played by crypto exchanges after the entire fiasco.

South Korean Exchanges Will, supervision, terra, luna

As for Terraform Labs, Kwon dissolved the company’s Busan headquarters and Seoul branch a week before the fallout of the tokens.

As recently reported, The price of LUNA tanked by 70% since the re-launch of the terra ecosystem, and with the revival plan of tErraform Labs founder Do Kwon, the new Luna tokens referred to as Luna 2 were airdropped to investors which held LUNA classic, TerraUSD Classic, and Anchor Protocol UST. As per the data from CoinGecko, the LUNA token was airdropped by 69% since the opening of $18.87 and sits around $5.71 at the time of writing but Investors dump on Terra as it seems. At this stage, the biggest drop seems to suggest a lack of faith in Do Kwo’s revamp with most investors indicating that they are looking to recover a smaller portion of their lost capital and wipe their hands clean off the project.

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