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South Korean investigators present Terra Crash Report

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Joyashree Dey Follow

INDIA

Jun, 03 2022

Jun, 03 2022

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On May 28 according to a South Korean television network JTBC, South Korean investigators are looking into the recent Terra crash to check whether there were signs of purposeful price manipulation and different issues.

As per the authorities’ report, the Seoul Southern District Prosecutors' Office's joint securities and financial crime investigation group have additionally summoned previous employees of Terraform Labs, the Singapore-based organization behind TerraUSD and Luna, who were associated with the underlying improvement of the Terra ecosystem in 2019.

One of those workers has supposedly uncovered that the group felt quite skeptical about the TerraUSD (UST) stablecoin plan from the very start.

They likewise assert to have cautioned Do Kwon, the founder, and CEO of Terraform Labs, that the algorithmic component intended to safeguard the asset’s stake to the U.S. dollar, may ultimately come up short, notwithstanding, Kwon pushed with the launch at any rate.

 “Even at that time, there was a warning inside that there could be a collapse at any time, but CEO Kwon Do-hyeong forced the coin to be launched,” said the employee.

Presently the prosecutors are investigating whether Kwon knew about those issues while additionally investigating potential internal price manipulation.

Moreover, the specialists are testing assuming that domestic cryptocurrency exchanges went through legitimate listing survey processes before posting UST and its sister token LUNA.

While the JTBC report refers to no sources, a Korea Herald report on Monday guaranteed that Terraform Labs had purportedly closed down its South Korean branch to dodge taxes in 2021.

Supposedly, the organization broke up its South Korean branch a while before the closure was declared formally.

This, in any case, goes against a prior report by South Korean news site Digital Today, which guaranteed that the conclusion of two South Korean offices and the disintegration of the Terraform Labs Korea Corporation happened only days before the breakdown of Terra.


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Joyashree Dey

CBW - External Analyst

INDIA

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