- The Seoul Police Department has frozen the Luna Foundation Guard’s assets.
- The Seoul Police Department has frozen the Luna Foundation Guard’s assets.
- CEO Do Kwon is already under investigation for financial crimes.
According to KBS, South Korea’s official broadcaster, police authorities in the country are freezing assets linked to the non-profit group Luna Foundation Guard (LFG). According to the report, the Seoul Metropolitan Police Agency requested that LFG be barred from withdrawing business funds from various exchanges.
Reports state that the police interfered after discovering signs pointing to embezzled money within LFG. Some investors have already sued Terraform Labs founder Do Kwon following the latest Terra crisis, which saw the stable coin TerraUSD (UST) value plummet below $0.10.
A police official from the Seoul Metropolitan Police Agency was quoted as saying:
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