HomeCryptocurrencySouth Korea launches investigation into Terraform Labs over LUNA coin

South Korea launches investigation into Terraform Labs over LUNA coin

The cryptocurrency LUNA, previously known as the “stable coin”, crashed and its value plummeted by 98% within 24 hours, shocking the global cryptocurrency market. South Korea has also officially launched an investigation into Terraform Labs behind it.

The Seoul Metropolitan Police in South Korea said recently that they have opened an investigation into allegations that an employee of Terraform Labs misappropriated undisclosed amounts of Bitcoin held by the company.

They investigated two collective complaints on behalf of a total of 81 investors alleging that the algorithm deceived investors back in late May, and are now investigating the company further. The investigation will be carried out by a financial crime task force headed by South Korea’s justice minister.

Terraform Labs co-founder Daniel Shin denied investors’ allegations of fraud and financial regulation violations, explaining that they had no intention of deceiving, but just wanted to use blockchain technology to innovate payment and settlement systems. flaws, and no attempt to manipulate prices.

Cryptocurrency investment is very popular in South Korea, so this incident also caused many retail investors to lose their money. Although LUNA later carried out a “hard fork” to launch a new currency, the price of the new LUNA currency fell by more than 80% after 2 weeks of trading


Read more here: 

Image Source: Unsplash

Mehmet S. Kaya
Mehmet S. Kayahttps://teknonel.com
Mehmet is one of the administrator of Teknonel. As a software developer, he loves to share his knowledge in related topics. He is highly familiar with the editorial process from the inception of an article idea, through the iterative process, publishing, and performance analysis as well as product reviews.

Follow us on Social Media!

12FansLike
15,848FollowersFollow
13FollowersFollow
676SubscribersSubscribe

Related Articles

Binance’s BNB Chain bridge was hacked: $718 million lose is calculated

The BNB Chain developed by the cryptocurrency exchange Binance was hacked in the early morning of the 7th! The official cross-chain bridge (BSC Token...

Microstrategy is not afraid of bear market and buys 301 Bitcoins

Long-term optimistic about Bitcoin's micro-strategy, he entered the market again to buy 301 BTC, with a total investment of about 6 million US dollars,...

Hackers use Deepfake to impersonate Binance executives’ faces for cryptocurrency scams

A Binance executive pointed out that the hacker group used Deepfake (deep fake technology) to create an AI holographic projection like his face, and...

ETH option contracts will be released before Ethereum upgrade on September 15

Ethereum is about to usher in the much-anticipated Ethereum 2.0 mainnet on September 15th. Many people believe that Ethereum will usher in a surge...

Explore More Articles

Sons-of-the-Forest-How-to-Craft-a-Bone-Armor

Sons of the Forest: How to Craft a Bone Armor?

0
Armor is surprisingly important in Sons of the Forest . If you plan on delving into the spooky caves that dot this new island, you'll want to...
Gene customizing and cloning business become more Popular

Gene customizing and cloning business becomes more Popular

0
Replicating beauty pageant camels, replicating equestrian racing horses, replicating high-yielding super cows... With the gradual popularization of animal replication technology, people can use technology...
What are the Differences between quail eggs and chicken eggs

What are the Differences between quail eggs and chicken eggs?

0
Quail eggs and chicken eggs have several differences in terms of size, nutritional content, taste, and culinary uses. Here are some of the key...

Sons of the Forest: How to Get the Zipline Rope Gun?

0
The Sons of the Forest zipline Rope Gun, otherwise known as the rope gun, is an important key item that is easy to miss....