The Terraform Disaster – Several weeks ago now, Ihe Terra Protocol (LUNA) was shattered into a thousand pieces. Crash of its stablecoin UST, LUNA, the cryptocurrency of the network is reduced to nothing. Faced with this disaster, many regulators and financial police decided to take matters into their own hands. From the SEC, to the United Kingdom via South Korea: everyone is trying to answer this question: why? In this hunt, South Korea seems to have obtained some results: an employee of the Luna Foundation Guard (LFG) would have stolen 80 bitcoins.
Terraform Labs investigation: South Korean police in charge
Among all surveysit is the one led by the south korean policecountry of origin of the company TerraForm Labs which has borne fruit. The korean media explain that an employee of the LFG allegedly embezzled 80 BTCwhich corresponds according to the current markets to the tidy sum of more than $2 million.
The suspicions of the Korean authorities are believed to be based on the announcement made by the Luna Foundation Guard (LFG). Indeed, despite the fundraising the latter had announced that she would sell her bitcoin holdings and that she only had 300 bitcoin in its treasury. Of the billions of dollars would have disappeared under the mattress.
These funds were used to maintain the stability of the fallen stablecoin of the Terra blockchain. They would even come from bitcoins bought in mid-May to try to keep the UST stable. Suspicions were already hovering over this organization. Besides, the authorities authorities had requested the freezing of funds to open an investigation.
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Embezzlement: Terra in trouble
The investigation will be long, because the mandate takes into account theinvolvement cryptocurrency platform foreign to South Korea. Yonhapa Korean media outlet, reports the statements of a South Korean police official:
“It is not yet known if there are many systematic malpractices or if they are linked to the CEO of Terraform Labs, Kwon Do-hyung.”
After these events a news blockchain Terra has been established. The plan for Operation Terra Rebirth proposed by Do Kwon has been approved by the community. However, it does not work as expected.
The police are therefore continuing their search despite the arrogance of the founder of Terra. Terra, through the voice of its co-founder Daniel Shin, denies the police allegations. This case of embezzlement will continue to cause ink to flow. At present, no information can confirm the involvement of the CEO of Terraform in this larceny. For its part, the SEC is investigating the laundering of millions of dollars.
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