S.Korean police probes Terra employee for alleged embezzlement

S.Korean police probe Terra employee for alleged embezzlement

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Seoul Metropolitan Police Agency’s Cyber Crimes Investigations Unit revealed on Monday that it has received a report alleging a Terraform Labs employee was involved in embezzling corporate funds, according to local media reports.

See related article: Terra’s S.Korean office closure ‘purely coincidental’: Do Kwon

Fast facts

  • The police are currently investigating the validity of the alleged report. 
  • In a related investigation involving Terraform Labs, police have requested local cryptocurrency exchanges to freeze Luna Foundation Guard (LFG) funds, according to local media reports.
  • The police hope to identify, determine and seize any potentially illegal funds of Terraform Labs and LFG.
  • Terraform Labs and its cofounders Do Kwon and Shin Hyun-seung are also being investigated by the Seoul Southern District Prosecutors’ Office following a lawsuit filed by at least five Terra/LUNA investors.

See related article: What’s the solution to Terra’s UST and LUNA crisis?

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