Investigative pressure on Terraform Labs increases

Investigative pressure on Terraform Labs increases - Were BTC embezzled?

The investigation into Terraform Labs, the company behind the spectacularly crashed blockchain project Terra, is gaining momentum in South Korea.

In a further investigation, it is now being checked whether the company has embezzled Bitcoin ( BTC ) from its own reserves. According to South Korean media reports , the Seoul Metropolitan Police Agency received an anonymous tip last month suggesting that a Terra employee embezzled BTC.

However, as the Seoul Police Department has made clear, the alleged embezzlement is being investigated against an individual, but the allegations are not related to co-founder and CEO Do Kwon.

With the help of a crypto exchange, the authorities have already been able to freeze the embezzled funds. These will only be released again once the investigations have been completed. However, the exact sum involved has not been disclosed.

The Luna Foundation Guard (LFG), which as a foundation has stored more than 3 billion US dollars in Bitcoin for Terra, was immediately targeted by investigators after the blockchain project crashed. The investment fund was primarily tasked with stabilizing its proprietary stablecoin, TerraUSD (UST). According to the company, all assets were sold off in an attempt to prevent the crash.

In a recent interview with the Financial Times , Terraform co-founder Daniel Shin reiterated that the collapse was not due to fraud or any other misconduct by the project:

“We had no intention of deceiving in any way. We just wanted to innovate the payment system using blockchain technology.”

Shortly after the crash, the South Korean authorities launched extensive investigations into Terra, with figurehead Do Kwon the main focus of the investigations.

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