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Korea Ban Luna (Terra) Coin ? Latest News 2022

Korea Ban Luna (Terra) Crypto Coin ?

 South Korean law enforcement officials are taking action against the Luna Foundation Guard (LFG) by seeking to suspend all assets confiscated from the non-profit group.

Korean Police Arrest LFG

The South Korean national broadcaster, the Korean Broadcasting System (KBS) reported that the Seoul Metropolitan Police Agency had ordered a number of exchanges to prevent the LFG from withdrawing any of its business funds or accessing its assets. The KBS also revealed that whether the exchange chooses to follow this guide or not depends entirely on their perception, as they are not legally obliged to do so. The crypto exchange Coinone had previously suspended LUNA token trading shortly after the crash, Korbit and Bithumb issued warnings to investors. In addition, the KBS also reported that the police had received information showing the financial abuse of the organization.

"Grim Reaper" Task Force Investigating Do Kwon

Luna Foundation Guard is a non-profit organization working to increase BTC savings to support the stablecoin TerraUSD (UST), founded by Terraform Labs. Its CEO Do Kwon is already on the radar with allegations of financial crime and is being investigated for tax evasion by a South Korean police team called the "Grim Reaper." After the disbandment two years ago, the staff team was specially appointed to investigate the events surrounding the devastating LUNA crash, when the Terra stock market plummeted from $ 41 billion to just under $ 950 million a week. The team will also look at how much damage has been done to investors in this risk; An estimated 280,000 South Korean investors have been hit by a blazing project. Reports say the investors are also preparing to take action against Do Kwon in the class case.

Lawmakers Meet Together

The collapse of the Terra ecosystem has triggered a major impact on the market crash. It all started when UST lost its $ 1 stake, which resulted in the price of LUNA falling almost 100% and falling to $ 0. The token had peaked in April 2022 and was trading at an average of $ 80 before the accident. As a result, Korean lawmakers met with representatives of the five largest trading partners in the country - Upbit, Bithumb, Coinone, Korbit, and Gopax, to determine whether these negotiations would respond or not to the investors' financial losses.

Disclaimer: This article is provide informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial, or other advice.

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