24/7 Cryptocurrency News

Trouble For Do Kwon? Korea To Share Data On Terra Crash With U.S

The agreement mentioned sharing the data of ongoing crypto related cases. This includes the recent high profile case of Terra USD and LUNA.
Published by
Trouble For Do Kwon? Korea To Share Data On Terra Crash With U.S

The recent collapse of Terra LUNA has left a huge dent in the global cryptocurrency market. However, this fall has raised suspicions of fraud and manipulation among the regulator of different nations.

Advertisement

Korea-US officials talk over Terra data

As per reports, the Minister of Justice of South Korea Han Dong-hoon met U.S. prosecution officials. The meeting involved a discussion over cooperation in the investigation of financial crimes. This particularly noted crime is related to cryptocurrency.

Both officials discussed strengthening the cooperation in information exchange. Seoul Southern District Prosecutors Office and the Southern District of New York office agreed to work together in fighting against financial fraud and crimes.

In a big development, the agreement mentioned sharing the data of ongoing crypto related cases. This includes the recent high profile case of Terra USD and LUNA. The report mentioned that Korean prosecutors are investing in the possible fraud charges against TerraUSD and Luna.

However, the US SEC is already investigating Do Kwon over the marketing of its stablecoin TerraUST before its crash. It is looking into violations of investor protection regulations. While it also involves the charges of alleged money laundering activities.

Advertisement

Korean Blockchain Association files for dissolution

Meanwhile,  A lawsuit filed in the US District Court in Northern California. It alleged that South Korea based Terra form Labs and its head Do Kwon violated federal securities laws by selling and promoting UST and LUNA.

According to a report, the Korean Blockchain Association will be dissolving this month. This major development has landed amid the increasing conflict with its virtual asset exchange members. It mentions that the association failed to speak up on some recent major issues.

The blockchain association will be holding a board meeting on July 7, 2022. The agenda of the meeting will be focused on the proper “dissolution”. If this gets approval from the board, the general meeting will be held on July 21 to make the final decision.

Share
Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Donald Trump Shortlists Hassett, Warsh, and Waller for Fed Chair

U.S. President Donald Trump has revealed his shortlist of candidates who could potentially replace Fed…

September 6, 2025
  • 24/7 Cryptocurrency News

Ethena Labs Secures Fresh Funding From ArkStream Capital, ENA Price Spikes

Ethena Labs has secured fresh funding from ArkStream Capital as it expands its ecosystem in…

September 6, 2025
  • 24/7 Cryptocurrency News

SEC Forms International Task Force to Crack Down on Pump-and-Dump Schemes

The U.S. Securities and Exchange Commission has launched a task force designed to tackle cross-border…

September 6, 2025
  • 24/7 Cryptocurrency News

Justin Sun Pledges $20M Buy Following WLFI Wallet Freeze

Justin Sun responded to World Liberty Financial freezing his wallet by promising to purchase $20…

September 6, 2025
  • 24/7 Cryptocurrency News

Expert Blames ‘Secret Committee’ for Rejecting MSTR Stock Inclusion to S&P 500

Michael Saylor's Strategy (NASDAQ: MSTR) missed the inclusion in the S&P 500 index on Friday,…

September 6, 2025
  • 24/7 Cryptocurrency News

MARA Bitcoin Treasury Nears $6 Billion, Trails Only Strategy in Public Rankings

MARA announced that it now holds $5.9 billion worth of Bitcoin. This cements its position…

September 6, 2025