South Korean authorities have launched a new investigation on Terraform Labs, according to reports from JBTC.
Korean Authorities Summon Team
The Seoul Southern District’s joint financial and securities crime investigation team has reportedly summoned all employees from Terraform Labs, the firm behind the UST and LUNA cryptocurrencies.
Prosecutors are apparently concerned with whether Terraform Labs executives were aware of Terra and Luna’s design flaws, whether intentional price manipulation took place, and whether the relevant assets went through a proper listing process.
One employee stated that, during the launch, “there was a warning inside that there could be a collapse at any time.”
In another statement, it was noted that customers would “flock” to a service that offered high interest. However, without a stable collateral model, such a project would have “no choice but to collapse because it cannot handle interest payments and fluctuations in value.”
Assets on the Terra...
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