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Korean Police Move to Freeze Luna Foundation Guard Assets: Report
Seoul police are seeking to ban the entity from withdrawing suspected embezzled funds.
In this article
South Korean police are moving to freeze Luna Foundation Guard’s money in the wake of this month’s TerraUSD stablecoin collapse, according to a Monday report from KBS news.
- The Seoul Metropolitan Police have asked various crypto exchanges to ban Luna’s capability of withdrawing company funds, the report said. It was not clear which exchanges were asked or whether they have complied.
- Terraform Labs lost $30 billion this month when Terra’s UST stablecoin and LUNA cryptocurrency went into a death spiral, costing investors billions globally.
- The associated Luna Foundation Guard was charged with protecting UST’s peg using a war chest of billions of dollars in bitcoin ; it ultimately failed.
- Terraform Labs CEO Do Kwon is already under the financial crimes microscope and is facing a tax evasion investigation by a South Korean police unit known as the “Grim Reaper.”
- Luna Foundation Guard did not respond to a request for comment by press time.
Cam Thompson
Cam Thompson was a Web3 reporter at CoinDesk. She is a recent graduate of Tufts University, where she majored in Economics and Science & Technology Studies. As a student, she was marketing director of the Tufts Blockchain Club. She currently holds positions in BTC and ETH.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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