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Korea and U.S. Agree to Cooperate On Tera-Luna Investigation Data

Legal

cryptoknowmics.com 06 July 2022 11:07, UTC
  
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Han Dong-hoon, the justice minister for South Korea, recently visited New York, to examine various ways South Korea and the U.S. may cooperate on investigations into financial crimes, particularly those involving cryptocurrencies. On Tuesday, according to a local daily, Hoon met with Scott Hartman, head of the Securities and Commodities Fraud Task Force in the exact location, and co-chief of the Securities and Commodities Task Force Andrea M. Griswold.

Terra Luna Project Is Under Investigation In Both Countries

According to a local newspaper, the two sides talked about improving communication and cooperation to respond to the rising number of securities frauds connected to the market for digital assets. Regarding Terra-LUNA, a cryptocurrency project under examination in both nations, it is said that the two parties have agreed to share their most recent investigative data. Both countries have looked into the $40 billion Terra ecosystem crash from a legal perspective.

South Korea Emerged As One Of The Strictest Countries

Do Kwon, a co-founder of Terra is the subject of a recent U.S. inquiry. South Korean prosecutors are investigating several allegations, including fraud, market manipulation, and tax evasion. Since officials have recently turned their attention to cryptocurrency-related crimes, cooperation between the two countries may not be the first of many. Regarding cryptocurrency legislation, South Korea has emerged as one of the strictest countries, enforcing stringent know your customer (KYC) and anti-money laundering (AML) standards. The Terra incident has pushed Korean lawmakers to create a new committee. To oversee cryptocurrency projects and evaluate those listed on cryptocurrency exchanges. Numerous analysts expected that the failure of Terra-USD (UST) would influence authorities to choose algorithmic stablecoins over centralized ones.


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