Korean police freeze assets of Luna Foundation Guard

After the collapse of the Luna ecosystem, South Korean police are freezing the assets of the Luna Foundation Guard (LFG).

Luna Foundation Guard

A South Korean media channel called Naver has published news related to tax evasion and controversy over a 100 million won fine. The freezing of funds at the discretion of the police showed that the defensive funds had been transferred to the Luna Foundation Guard. As per the details by the Naver news agency, the extent of the funds that will be frozen is still unclear. The freeze action is not mandatory nor mandatory by law, and it is the decision of each exchange to carry out the action.

Investors who had lost money in the incident related to the collapse of the Luna ecosystem filed a complaint alleging investment fraud. The victims claim that Do Kwon did not inform them of the risks of Luna.

The South Korean government has recently announced that it will deploy its special crime unit, Yeouido Grim Reaper, to investigate the collapse of the Terra ecosystem. Information released by a South Korean news agency, SBS, revealed that Justice Minister Han Dong-hoon was negotiating to investigate Terra’s incident.

A Naver news agency report said Do Kwon was charged with tax evasion and was facing a fine of 100 billion won ($78.5 million) for corporate tax evasion. It is thought that Kwon, who was not satisfied with tax policies, planned to liquidate the company and move to Singapore. The suspicion aroused the thought that Kwon had moved out to avoid a fee.

A lot has happened this May, and this is probably a time that no one can forget. What do you think the fate of Do Kwon will be? Is Luna 2.0 conducted as advised?

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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