Korean Police: No Connection Between Employee Embezzlement and Do Kwon Has Been Confirmed

Jun 13,2022
KingData News: On June 13, Yonhap News reported, South Korean police are investigating the embezzlement of bitcoin from company funds by an employee of LUNA issuer Terraform Labs. So far, no connection between the employee's embezzlement and Do Kwon has been confirmed, said Nam Yoo-joon, chief of the National Investigation Division of the South Korean National Police Agency, at a press conference today. The police also said they have asked the country's major virtual currency exchanges to freeze the funds involved. Commenting on media reports that the amount of embezzlement is more than 80 bitcoins and at least 3 billion won, Nam also said, "It is a virtual asset, so we have to keep an eye on the flow. Although the exchanges are domestic-related, most of them move through overseas exchanges, making it difficult to determine (the size) and continue to be analyzed." He added, "There could be additional (embezzlement) and we're looking at the overall flow."
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.