- Prosecutors recently questioned Terraform Labs personnel who were involved in the initial construction of the blockchain. According to sources, the targeted employees were opposed to the launch of the UST stablecoin due to potential value volatility.
- In terms of investigations, the floodgates have opened, with many launched in the last two weeks. Several lawsuits have been brought against the company, alleging fraud and other wrongdoings.
- The extent of instability in the Terra revival plan was revealed by a recent confidential Terra communication leak. All of these problems arise as Terra attempts to resurrect itself with Terra 2.0 and the LUNA 2.0 token. The networks are going through a rough patch, with wild price swings and an influx of new users.
Authorities in South Korea have begun an inquiry into a Terraform Labs employee for allegedly embezzling bitcoin. According to Seoul police, the employee reportedly took bitcoin from the company in May of last year. There is no evidence of misconduct on the part of Terra’s CEO Do Kwon, and no indication of the quantity of bitcoin involved.
Problems Arise As Terra Attempts To Resurrect Itself With Terra 2.0 And The LUNA 2.0 Token
Prosecutors recently questioned Terraform Labs personnel who were involved in the initial construction of the blockchain. According to sources, the targeted employees were opposed to the launch of the UST stablecoin due to potential value volatility. The employee’s accounts have been frozen by the exchanges used to transact the assets.
The Terran community has been grappling with how to deal with the future, and these inquiries are not going to help. The extent of instability in the Terra revival plan was revealed by a recent confidential Terra communication leak. All of these problems arise as Terra attempts to resurrect itself with Terra 2.0 and the LUNA 2.0 token. The networks are going through a rough patch, with wild price swings and an influx of new users.
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Despite Inquiries Both Terra Classic And Terra 2.0 Are Operational
In terms of investigations, the floodgates have opened, with many launched in the last two weeks. Several lawsuits have been brought against the company, alleging fraud and other wrongdoings. South Korea formed the Digital Assets Committee to enact stricter crypto legislation. The emphasis will be on revealing stringent crypto laws as part of consumer protection.
This appears to be the case around the world, with US Treasury Secretary Janet Yellen later stating that stablecoins posed a risk. Despite these rumblings, the number of holders of the Luna Classic, as it is now known, has surged by 500% in just a month. The token price is now a fraction of what it was previously. The new LUNA coin has down 19% in the last 24 hours and is now down 82 percent from it’s all-time high of $19.54.
Source: https://www.thecoinrepublic.com/2022/06/09/authorities-from-south-korea-are-looking-into-a-heist-of-bitcoin-by-a-terraform-employee/