South Korean police request to freeze assets of Luna Foundation Guard post-Terra collapse

Seoul Metropolitan Police has taken measures to freeze assets of the Luna Foundation Guard ("LFG") following the TerraUSD (UST-USD) stablecoin bust in the beginning of May, according to a report from KBS news Monday. Specifically, the South Korean police has requested certain exchanges to disable LFG from withdrawing corporate funds, of which are suspected to be embezzled, KBS explained. A unit of the South Korean police, known as the Grim Reaper, is already investigating Terraform Labs CEO Do Kwon regarding tax evasion, CoinDesk reported. After TerraUST lost its peg from the U.S. dollar, its sister token Luna (LUNA-USD) dropped 100% in a move that wiped out tens of billions of dollars from speculators, a monumental move for the crypto community as regulators, as a result, ramp up their calls for greater regulatory oversight in the decentralized industry. Previously, (May 17) Terraform Labs' legal team quit.