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South Korean investigators summon Terra employees for questioning

 


The South Korean government's investigations into Terraform Labs, the blockchain company behind Luna Classic (LUNC) and the cryptocurrencies Terra ( LUNA ) and TerraUSD (UST), which have recently crashed so hard, are picking up speed because the company's employees are now being questioned directly .


Accordingly, the South Korean judicial authorities are said to have issued court summonses to all employees of Terraform Labs as part of their investigations, as the news portal JTBC reports .


According to the media report, the authorities are investigating possible price manipulation and violations of securities law. The employees of Terraform Labs are supposed to use their testimonies to shed light on whether and which criminal offense actually arises.


The investigators are also particularly interested in the pricing mechanism between the algorithmic stablecoin UST and the associated cryptocurrency LUNA, because this was already problematic in its conception, since the stablecoin is not linked to an external asset as is usually the case. The authorities point out: "At a certain point the system could only collapse, because at some point the interest income and fluctuations in value were no longer sustainable."


As previously reported, several crypto investors have now filed a class-action civil lawsuit against Terraform Labs CEO Do Kwon and co-founder Shin Hyun-seun. Overall, the investors are said to have lost up to 44 million US dollars.


Meanwhile, additional questions were recently raised after it became known that Terraform Labs had initiated the closure of the company's offices in South Korea just days before the crash. Observers suspect that Terra CEO Do Kwon is guilty of tax evasion with this step, but it is not yet clear whether there is a direct connection to the collapse that followed.


Given all of these developments, the Terra reboot that kicked off on May 28 is ill-fated. The new edition Terra 2.0 is supported by some influential crypto trading platforms, but the price of the new crypto currency has already collapsed by a whopping 70% in a very short time . So investors clearly seem opposed to the revival.

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