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Korean Police Launch Probe Into Stablecoin Crash – FT

The Seoul Metropolitan Police Agency said it had launched an investigation into allegations about an employee of crypto billionaire Do Kwon’s Terraform Labs


The Seoul Metropolitan Police Agency said it had launched an investigation into allegations about an employee of crypto billionaire Do Kwon's Terraform Labs.
Police in South Korea are investigating claims that an employee of the crypto billionaire Do Kwon's Terraform Labs embezzled an undisclosed amount of the company’s bitcoin holdings. Do Kwon is the founder of TerraUSD crypto and Luna stablecoin (YouTube screen grab).

 

Police and prosecutors in South Korea are investigating the $40 billion collapse of stablecoin tokens that rattled the global cryptocurrency market, the Financial Times reported.

The Seoul Metropolitan Police Agency said it had launched an investigation into allegations that an employee of crypto billionaire Do Kwon‘s Terraform Labs embezzled an undisclosed amount of the company’s bitcoin holdings.

Read the full reportFinancial Times.

 

 

READ MORE:

TerraUSD Co-Founders Face Lawsuit Over $40bn Crypto Collapse

Binance Sees $1.6 Billion Evaporate on TerraUSD-Luna Crash

Stablecoin Assets Decline for First Time, Says Fitch Ratings

 

 

George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.

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