In a new episode of Tarralabs crash, South Korean police asked top exchanges in the country to freeze any assets related to Luna Guard Foundation. The request is not enforced by law or mandatory to comply.
The Luna/Terra algorithmic stablecoin crash, which reduced the value of the coin by over 99%, crushed investor portfolios overnight earlier this month.
However, this request is not a demand and is not enforceable by law. Each exchange can choose how they would like to respond, but it is not yet known how they will react. Several prominent Korean investors requested that Do Kwon, CEO of Terraform Labs, be investigated and sued for the collapse of the UST stablecoin. This triggered,” a Korean Financial and Securities Crime Joint Investigation Team.
Korean legislators have gone as far as meeting with executives from each of these exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax. Because they are not required to comply, this meeting is likely a move to put pressure on the heads of these exchanges., Yoon Chang-Hyeon, chairman of the People's Strength Virtual Assets Special Committee, said on Facebook,"We will check the exchange's investor protection measures.
Although this official report joins the broader developing story, the request to the crypto exchanges and the Do Kwon investigation are not linked. The actions by the National Assembly and the Korean authorities make it clear that Korea is willing to take the necessary steps to get to the bottom of the Terra ecosystem collapse imbroglio.
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