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South Korean police freeze Terra (LUNA) Foundation Guard assets

 


South Korean authorities are in the process of freezing the Luna Foundation Guard's assets. Luna Foundation Guard is a non-profit foundation that maintains reserves for the Terra ecosystem to support the stablecoins during difficult times.


Are you running away with the money?

We all know how that ended. Terra's UST stablecoin failed to maintain the link to the USD, causing the entire ecosystem to collapse. Billions of USD and the savings of thousands of investors went up in smoke.


Now South Korean police appear to fear Luna Foundation Guard is running away with the funds as it seeks grants to freeze its assets. However, by law, exchanges are not required to comply. It remains to be seen whether they will comply with the request. The chance that they will do so seems more than likely at first. After all, they keep the authorities on their toes and also show that they have the best intentions for the users.


The reason for the police request

South Korean police are investigating the Luna Foundation Guard after learning of possible strange practices with the funds. However, the likelihood that the Luna Foundation Guard is actually planning wrong things with the funds seems low. Do Kwon and his companions are known to the Korean authorities and that would make escape difficult. In this case, sooner or later something will come to light that will put them in the sights of the judiciary.


The question is whether they want that on top of all the excitement that's already there. Some investors have already sued Do Kwon and its lesser-known co-founder Daniel Shin over the losses. Other investors are also preparing their own lawsuit against the gentlemen. Terra and all that has to do with him is now in such a bright light that shady actions seem like more of a foolish decision.


Korean authorities visit major stock exchanges

In any case, they are not letting it get that far in South Korea, because the authorities have already visited the major exchanges yesterday and today. This affects parties like Upbit, Bithumb, Coinone, Korbit and Gopax. They will most likely have to answer questions to determine if they should take some responsibility for the losses. In this respect, the Korean authorities seem to believe that the responsibility does not lie solely with investors.


If this becomes a thing, then exchanges should also pay more attention to which coins they list on their platform. This may also cause problems for many cryptocurrencies in the near future. "In any case, we will urge exchanges to implement an investor protection policy," said Yoon Chang-hyeon, the chairman of the People Power Party's digital assets division.


Coinone suspended trading with Luna during the ecosystem collapse. At the same time, both Korbit and Bithumb were warned not to invest in the project. The question is whether that is enough for the Korean authorities and whether the exchanges have adequately protected investors.

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