South Korean police want exchanges to freeze funds connected to Terra’s LFG
South Korean police have sent notices to digital currency exchanges requesting that they freeze all funds related to Luna Foundation Guard (LFG).
South Korean police have sent notices to digital currency exchanges requesting that they freeze all funds related to Luna Foundation Guard (LFG).
In his recent video, Joshua Henslee talks about how Bitcoin is and always was supposed to be cash, how it should be used, the inefficiency of the current payments system, and the need for Bitcoin.
The G7 inter-governmental political forum is the latest global body to highlight the need for digital currency regulations, imploring the FSB to establish the regulations quickly.
The unit is a joint financial and securities crime investigation team from the Financial Services Commission and the Financial Supervisory Service and was disbanded in 2020.
The legal team members include General Counsel Marc Goldich, Chief Corporate Counsel Lawrence Florio, and Chief Litigation and Regulatory Counsel Noah Axler.
The country’s regulators have said they will use the Terra debacle to raise awareness among digital asset investors following the LUNA meltdown.
An algorithmic stablecoin lost its peg to the U.S. dollar, and as a result, it caused the algorithm to print mass amounts of LUNA token, causing it to crater from $100+ to pennies overnight.
Coinbase reported a loss of US$430 million in Q1 2022 as revenue slipped 27% compared to a year ago, and the stock ($COIN) has now lost 70% of its value since March.
The prices of inter-linked LUNA and UST tokens on the popular Terra network tanked this week, causing leading exchanges, including Binance, to suspend transactions in those assets.
Do Kown had argued that the securities regulator doesn’t have jurisdiction over him as he is a Korean national and that it also violated his right to due process with an improper subpoena.
UST, originally created to withstand up to 91% of the decline in value of LUNA (according to Terra white paper), has now deviated from its core goals of remaining safe and solid.
The stablecoin, called Thai Baht Digital (THT), is created on the Terra platform, according to Bank of Thailand officials.