Terra Comes Under Renewed Scrutiny as Korea Revives Fabled Investigation Unit

Updated:

Reports show that South Korean authorities have initiated an unrestricted investigation into the Terra meltdown. The authorities would investigate the LUNA-UST crash and Terra founder and CEO Do Kwon.

Reports from local news firm JTBC noted that the investigations aim to discover if Keon manipulated the prices of UST and LUNA to cause the assets’ prices to drop or rise for personal interest.

Also, the authorities will investigate whether local crypto trading platforms carried out the required listing procedures and reviews before making Terra tokens available for public use and investment.

The latest investigative development comes after numerous investors filed complaints with several authorities on the matter. Since the Terra crash, the number of aggrieved investors that have filed complaints against TerraForm Labs to the Seoul prosecution office has reached 78. These investors have suffered a cumulative loss of 6.7 billion won ($5.4 million).

Since the crash, authorities have made efforts to identify the primary trigger of the LUNA-UST crash. The authorities claimed that initial investigations into the crash were not conducted properly, prompting the authorities to revive its specialized crime unit called the “Yeouido Grim Reaper.”

The famed investigation unit comprises 40 officials, all employees of different Korean enforcement agencies, including the Financial Services Commission (FSC) and others.

Terra and the Unending Investigative Inquire

Terra has not left the public eye since the black swan event and has come under several investigations in Korea. Kwon recently got investigated for tax evasion charges and faces a possible penalty of $78 million.

Also, the CEO recently got summoned before the Korean Congress to explain the cause of the crash to the nation’s lawmakers.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.