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South Korean police are taking steps to freeze assets linked to Luna Foundation Guard, the company behind the Terra crypto ecosystem and its Luna cryptocurrency, which has made headlines in recent weeks after it became worth less than $1. the information comes from KBS, the country’s broadcasting company.
According to the outlet, the Seoul Metropolitan Police Agency requested multiple crypto exchanges to block LFG from withdrawing corporate funds. However, they are not required by law to do so, which means that it is not known whether this measure will take effect.
The action was taken by the South Korean police after indications were found about a possible embezzlement of funds by LFG.
Terraform Labs CEO Do Kwon is already under investigation by the financial crime squad and is facing a tax evasion investigation by a South Korean police unit known as the “Grim Reaper.”
Following the recent collapse of Terra, in which the value of its Luna coin fell below $0.10, some investors have already sued Do Kwon.
Another group set to join the lawsuit is the self-styled “Luna Victims, UST Coins,” who number more than 1,500 members and reportedly plan to file a lawsuit against Kwon and fellow Terraform Labs co-founder Shin Hyun. -Seong, who is no longer part of the company.
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