South Korean officials re-formed an interagency group that was disbanded more than two years ago to investigate Terra’s downfall. According to local media reports, the team was previously called the “Reapers”.
Azrael v. Phoenix — Special Investigations Team Examines Do Kwon and Terrahttps://t.co/i9V6TQhY19
– June (@zunahn) 19 May 2022
Since 2013, the Yeouido Grim Reaper group, made up of prosecutors, financial and securities regulators, has made 346 arrests in 965 cases, mostly related to market manipulation.
According to SBS News, about 280,000 investors fell victim to Terra’s collapse in the country. On the eve of the crash, the market value of the native token of the LUNA project was approximately $24.5 billion, compared to $0.8 million at the time of writing (CoinGecko).
Korea-based blockchain firm Hashed has lost $3.5 billion from its investment in Terra ecosystem assets.
The cross-departmental group suspects the founders of a Ponzi scheme editing project.
In addition to investigating Terra’s collapse, the Yeouido Grim Reaper team will reopen the case against the Lime-Optimus Fund, which they did not complete before disbanding in 2020. It refers to the theft of $ 1.2 billion investor funds.
According to Edaily, Do Kwon, co-founder of crypto project Terraform Labs, is also facing a fine of 100 billion won ($78 million) for corporate and income tax evasion.
On May 17, Kwon proposed a plan to save the Terra ecosystem via a hard fork with the launch of a new network and token. Despite the community’s negative reception of the idea, validators voted for its implementation.
If you remember, it was proposed to discuss the collapse of the project at the parliamentary level in Korea.
Source: Fork Log
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