USA and Korea to jointly investigate Terra

Lavina Daryanani
Source: CMC

Post the Terra ecosystem collapse in May, several charges were pressed against Terraform Labs and its co-founder, Do Kwon. A host of regulatory bodies from around the world opened formal investigations to get to the depths of the matter.

Korea and U.S. to join hands to investigate Terra

During a visit to New York, Korean Justice Minister Han Dong-hoon met with U.S. prosecution officials and discussed ways to improve cooperation in investigating financial crimes involving cryptos.

Per Yonhap News Agency, the meeting between Han and Andrea M. Griswold, co-chief of the Securities and Commodities Task Force at the U.S. Attorney’s Office for the Southern District of New York, and Scott Hartman, chief of the Securities and Commodities Fraud Task Force of the same office, took place on Tuesday.

In the meeting, the two sides contemplated ways to strengthen cooperation and information exchange between the Seoul Southern District Prosecutors Office and the Southern District of New York office in fighting against securities fraud and financial crimes. Joining hands to share investigative data on Terra was one of their first agreements.

Yonhap News Agency noted,

“The two sides also agreed to share their latest investigation data on ongoing crypto cases, including the high-profile case surrounding the meltdown of stablecoin TerraUSD and its digital coin counterpart, Luna.”

South Korea is looking into fraud charges surrounding crypto tokens. The SEC, on the other hand, is investigating Do Kwon and whether marketing UST before it crashed violated investor-protection regulations or not.

Read More: More pain for Terra as Kwon ordered to comply with SEC probe

South Korea, on its part, has quite strict crypto regulations enforced. Investors there are expected to adhere to know your customer and anti-money laundering guidelines. Getting to the depths of the Terra episode, along with U.S.’s help, only shows that the nation is strictly opposed to infringements.