'Grim Reapers' financial crimes unit revived to investigate Terra collapse

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After implicit 2 years, the feared investigative and prosecutorial squad has been reformed by the caller President to look into the messiness caused by Terraform Labs.

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'Grim Reapers' fiscal  crimes portion   revived to analyse   Terra illness

Legal troubles are mounting for the co-founder of failed Terra crypto task Do Kwon arsenic the South Korean authorities revives the dormant "Grim Reapers of Yeoui-do" to analyse Terra’s fall.

The peculiar investigative and prosecutorial squad consists of members from assorted fiscal regulators, and is designed to prosecute securities fraud and unfair trading schemes. Potentially astatine hazard are co-founders Do Kwon and Shin Hyun-seong, on with halfway members of the Terra team. Yeoui-do is the fiscal halfway of Seoul.

Today: Korea’s “Grim Reapers of Yeouido” - Financial and Securities Crime Joint Investigation Team - are backmost aft 2.5 years.
And its archetypal people is $LUNA / @terra_money

— Jun (@zunahn) May 18, 2022

Korean quality outlet SBS News confirmed connected Wednesday that the Terra lawsuit would beryllium the archetypal the resurrected Securities Crimes Joint Investigation Team would investigate. A typical from the squad told SBS News that, “The Terra lawsuit caused terrible harm to mean citizens which led america to designate this arsenic the archetypal investigation.”

Reforming the feared investigative squad whitethorn beryllium a governmental determination by the caller blimpish President Yoon Seok-yeol, reversing the determination by the erstwhile wide Moon Jae-in medication to disband it. However, the severity of the Terra concern is illustrated by the information that it is the archetypal lawsuit the investigators volition grip successful 2 years.

The squad earned the moniker The Grim Reapers owed to the high-profile cases it handled. One of the largest cases the squad handled was the $1.2 cardinal Lime Asset Management embezzlement scandal. The squad was disbanded earlier the probe was complete, truthful that lawsuit is acceptable to beryllium reopened.

Before being disbanded, the squad racked up 346 arrests from 965 cases prosecuted from 2013 to 2020.

Terra (LUNA) is simply a layer-1 blockchain. Luna and the stablecoin Terra USD (UST) were each among the top 10 cryptocurrencies by marketplace headdress until a merchantability disconnected of UST connected May 8 sparked a decease spiral that has led to billions successful losses. On May 8, Terra had a marketplace headdress of $24.8 billion, but is present $959 cardinal according to CoinGecko.

Many successful the assemblage clasp Kwon liable for the illness of the project. In South Korea, a radical of Terra investors is besides acceptable to writer Kwon successful civilian tribunal for damages and successful transgression tribunal for fraud. They volition besides propulsion for the tribunal to prehend Kwon’s assets.

$LUNA and $UST Korean investors person filed some civilian and transgression suit against Do for committing fraud. They besides filed to bid a provisional seizure (freeze) of his assets.

They are represented by ineligible steadfast LKB & Partners.

— Doo | StableNode @Permisionless (@DooWanNam) May 18, 2022

As reported by Moonwha Ilbo (Culture Journal) connected May 18, the ineligible squad progressive successful the transgression lawsuit volition beryllium prosecuting based connected provisions successful the Capital Markets Act, which is utilized to modulate fiscal aspects of the crypto manufacture but which whitethorn beryllium replaced by crypto-specific laws.

The ineligible squad astatine LKB & Partners, the steadfast handling the case, person a idiosyncratic involvement successful the project, arsenic spouse Kim Hyeon-kwon stated to Moonwha Ilbo, “Some attorneys astatine this instrumentality steadfast were investors successful Terra.”

A typical from the instrumentality steadfast did not instantly respond to a petition for comment.

Related: Analysts measure the aftermath of the Terra (LUNA) illness | Cointelegraph interview

Kwon’s ineligible troubles widen beyond South Korea arsenic a nonmigratory of Singapore filed suit against Kwon past week connected behalf of astatine slightest 1,000 different residents who invested successful the Terra ecosystem.

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