Share this article
Korean Police Move to Freeze Luna Foundation Guard Assets: Report
Seoul police are seeking to ban the entity from withdrawing suspected embezzled funds.
By Cam Thompson
Updated May 11, 2023, 3:45 p.m. Published May 23, 2022, 5:35 p.m.
Make us preferred on Google
South Korean police are moving to freeze Luna Foundation Guard’s money in the wake of this month’s TerraUSD (UST) stablecoin collapse, according to a Monday report from KBS news.
- The Seoul Metropolitan Police have asked various crypto exchanges to ban Luna’s capability of withdrawing company funds, the report said. It was not clear which exchanges were asked or whether they have complied.
- Terraform Labs lost $30 billion this month when Terra’s UST stablecoin and LUNA cryptocurrency went into a death spiral, costing investors billions globally.
- The associated Luna Foundation Guard was charged with protecting UST’s peg using a war chest of billions of dollars in bitcoin ; it ultimately failed.
- Terraform Labs CEO Do Kwon is already under the financial crimes microscope and is facing a tax evasion investigation by a South Korean police unit known as the “Grim Reaper.”
- Luna Foundation Guard did not respond to a request for comment by press time.
More For You
More For You
Ripple's Brad Garlinghouse says CLARITY bill has '90% chance' of passing by April
The bill would clarify which digital assets fall under securities law versus Commodity Futures Trading Commission oversight.
What to know:
- Ripple CEO Brad Garlinghouse said he now sees a 90 percent chance that the long-debated Clarity Act will pass by the end of April, citing renewed momentum in Washington.
- The bill would clarify which digital assets fall under securities law versus Commodity Futures Trading Commission oversight, addressing long-standing regulatory uncertainty that Garlinghouse says has weighed on innovation.
- Ripple, which has spent nearly $3 billion on acquisitions since 2023 and is now pausing major deals to focus on integration, argues that both crypto firms and traditional financial institutions increasingly want clear rules as attitudes toward digital assets shift.
Top Stories
