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U.S. and South Korean Officials Meet to Talk about Terra Fall down

U.S. and South Korean Officials Meet to Talk about Terra Fall down

The assembly between U.S. and South Korean officers for the functions of “recordsdata sharing” also can spell extra wretchedness for the collapsed stablecoin project.

Key Takeaways

  • Officials from South Korea and the U.S. met on Tuesday in New York to allotment recordsdata on financial crime.
  • In that assembly, they discussed their investigations of the collapsed stablecoin TerraUSD and its counterpart, LUNA.
  • TerraUSD on the initiating collapsed in Could perchance perchance fair, and the diversified money associated with the project like no longer regained price.

Officials from South Korea and the U.S. met this week to discuss topics including the investigation of Could perchance perchance fair’s Terra give contrivance.

Officials Talk about Terra Investigation

Prosecutors in either hemisphere also can very successfully be teaming up to overview Terra.

South Korean Justice Minister Han Dong-hoon met with two U.S. officers all over a slide to to New York on Tuesday, June 6, to discuss Terra’s meltdown in Could perchance perchance fair, among other topics.

Scott Hartman and Andrea M. Griswold, chief and co-chief of the U.S. Securities and Commodities Assignment Power, were also present.

Yonhap News Agency experiences that each and every aspect shared recordsdata on the “high-profile case surrounding the meltdown of stablecoin TerraUSD and its digital coin counterpart, Luna.”

South Korean prosecutors are reportedly pursuing fraud charges, whereas the U.S. SEC is investigating whether or no longer TerraUSD’s marketing and marketing system broke investor-safety regulations.

The two events moreover discussed suggestions to boost recordsdata sharing and cooperation round financial crimes and cryptocurrency-linked crimes in traditional.

Costs Possess Not Recovered Post-Fall down

The price of Terra’s LUNA and TerraUSD tokens collapsed in the days following Could perchance perchance fair 8. No subject makes an strive to revive the project by forking Terra’s blockchain, costs stay very low.

TerraUSD Classic (USTC) is valued at $0.05, some distance under its intended $1.00 price peg. Terra Luna Classic (LUNC) is valued at 1/10,000 of a cent. The revived Terra (LUNA) is priced at $2.14, down critically from late Could perchance perchance fair when it used to be price $10.52.

Though Terra’s collapsed in Could perchance perchance fair, investigations on the subject have a tendency to proceed over the upcoming months or even years.

As well to the investigations discussed above, Terra shall be being investigated on other fronts. Past experiences counsel that workers bolt bans, tax fraud, and Ponzi plan designations like been on the guts of present investigations.

Other experiences counsel that South Korea also can retain exchanges accountable for failing to protect investors all over the shatter.

Disclosure: At the time of writing, the author of this allotment owned BTC, ETH, and other cryptocurrencies.

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Stare stout phrases and situations.

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