Korean MP Urges A New Investigation Into Terra-LUNA

Currently, South Korea is still investigating the largest cryptocurrency crash in the history of Terraform Labs. In a recent meeting, the country’s MPs urged the investigation to happen more quickly.

During the parliamentary audit of South Korea’s top financial regulator, the Financial Services Commission (FSC), South Korean lawmaker Yoon Sang-hyeon suggested that South Korea should appoint a prosecutor special agent to investigate. It has affected more than 280,000 people in the region.

Yoon told Financial Supervisory Service President Kim Joo-hyun, “The biggest victim among investors is the MZ generation”. Mr. Yoon calls millennials and young investors Generation Z, born between the 1980s and early 2000s, the MZ generation.

Representative Yoon said, “Not only investors, but also legislators and politicians should be held accountable to some extent.” and consider “There are financial institutions that have provided loans that neither the settlement nor the exchange, which is focused solely on making money, are the indirect instigators in this situation. I have to share the responsibility for the damage,” he said.

In February, he requested a new investigation into Terra-LUNA with a special prosecutor, an independent attorney who must be impartial, to uncover government officials who could be responsible. for the crypto crash. Congressman Yoon has paid close attention to cryptocurrency issues, such as the TerraLuna controversy.

He said he would accept anonymous allegations of cryptocurrency fraud in preparation for a congressional audit. Prosecutors are currently investigating Terraform Labs and its founder, Kwon Do-hyung, for fraud and violations of the Capital Markets Act. Kwon Do is still stubbornly not appearing in the Dharma Realm.

On October 5, South Korean authorities have detained a Terraform Labs employee as part of their investigation into the Terra-LUNA disaster. On Wednesday, a bench warrant was obtained for the arrested employee, allowing law police to take suspects to jail.

South Korea has revoked Terra CEO Kwon’s passport and asked Interpol to issue a “red notice” in addition to the arrest warrant in order to investigate the May crash of Terra’s algorithmic stablecoin and sibling cryptocurrency.

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