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Numerous accusations were made towards Terraform Labs and co-founder Do Kwon when the Terra network collapsed in May. Several international regulatory organizations launched legal inquiries to investigate more into the situation.
Han Dong-hoon, the minister of justice for Korea, visited with U.S. prosecutors during a trip to New York and they talked about how to strengthen their collaboration when looking into economic fraud using cryptocurrencies.
According to Yonhap News Agency, Han Dong-hoon had met Scott Hartman, head of the Securities and Commodities Fraud Task Force at the Southern District of New York U.S. Attorney general’s Office, and Andrea M. Griswold, co-chief of the Securities and Commodities Task Force.
The Southern District of New York office and the Seoul Southern District Attorney’s Office discussed measures to improve collaboration and data sharing to combat economic fraud and market manipulation during the meeting. Perhaps one of their initial commitments was to work together to exchange research information on Terra.
The parties involved also decided to exchange the most recent information about ongoing cryptocurrency cases, such as the well-known case involving the collapse of the stablecoin TerraUSD and its corresponding digital currency, Luna.
JUST IN: South Korea and the US have agreed to share investigation data on the collapse of $LUNA and $UST.
— Watcher.Guru (@WatcherGuru) July 6, 2022
South Korea is investigating allegations of corruption involving cryptocurrency tokens. Meanwhile, the SEC is looking into Do Kwon about whether or not it misled investors by selling UST prior to its collapse.
On the other hand, South Korea enforces extremely tight crypto rules. Traders are supposed to follow the anti-money trafficking and understand their customer policies.
Reaching the roots of the Terra incident with U.S. assistance will only serve as the highlight of the country’s adamant opposition to breaches.