United States and South Korea Agree To Share Intel on Terra-Luna

July 6, 2022 12:16 pm Comments

The United States and South Korea are coming together to share information regarding cryptocurrency scams.

Justice minister of South Korea Han Dong-hoon recently took a trip to New York where he met up with US securities and Commodities Task Force chief Scott Hartman.

In the meeting, the two sides decided to share intel regarding the demise of Terra which is currently under investigation in both the United States and South Korea.

As of right now Terra co-founder Do Kwon has yet to face any serious consequences for the billion-dollar crash of the Terra ecosystem.

But now with the US sharing its intel with South Korea, it might be possible that the US shared the missing link to finally bring charges against Do Kown in South Korea.


Coin Telegraph dropped these details:

South Korean justice minister Han Dong-hoon was in New York recently to discuss various ways in which the two nations can corporate on investigations associated with financial crimes, especially crypto-related crimes.

Hoon met with Securities and Commodities Task Force co-chief Andrea M. Griswold at the United States Attorney’s Office for the Southern District of New York along with Scott Hartman, chief of the Securities and Commodities Fraud Task Force of the same office on Tuesday, reported a local news publication.

The two sides discussed ways to exchange information and strengthen cooperation to ensure timely action on the increasing number of securities frauds associated with the digital asset market, reported the publication. The two sides have reportedly agreed to share their latest investigation data around Terra, a crypto project under investigation in both countries.

The $40 billion Terra ecosystem crash has attracted legal scrutiny from both countries. The U.S has recently opened a new investigation against Terra co-founder Do Kwon, while the South Korean prosecutors are looking into several charges including fraud, market manipulation and tax evasion.

he Terra saga has also prompted Korean lawmakers to form a new crypto oversight committee to assess the new crypto projects listed on crypto exchanges. Many experts have predicted that the crash of TerraUSD Classic (USTC) would prompt regulators to favor centralized stablecoins over algorithmic ones.

Watcher News dropped these details:

Post the Terra ecosystem collapse in May, several charges were pressed against Terraform Labs and its co-founder, Do Kwon. A host of regulatory bodies from around the world opened formal investigations to get to the depths of the matter.

Korea and U.S. to join hands to investigate Terra
During a visit to New York, Korean Justice Minister Han Dong-hoon met with U.S. prosecution officials and discussed ways to improve cooperation in investigating financial crimes involving cryptos.

Per Yonhap News Agency, the meeting between Han and Andrea M. Griswold, co-chief of the Securities and Commodities Task Force at the U.S. Attorney’s Office for the Southern District of New York, and Scott Hartman, chief of the Securities and Commodities Fraud Task Force of the same office, took place on Tuesday.

In the meeting, the two sides contemplated ways to strengthen cooperation and information exchange between the Seoul Southern District Prosecutors Office and the Southern District of New York office in fighting against securities fraud and financial crimes. Joining hands to share investigative data on Terra was one of their first agreements.

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