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Terra: South Korean Police Investigate Employee Who Allegedly Stole Bitcoin

Tue, 06/07/2022 - 16:02
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Tomiwabold Olajide
Seoul Metropolitan Police Agency is reportedly launching inquiry against Terraform labs employee
Terra: South Korean Police Investigate Employee Who Allegedly Stole Bitcoin
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In the wake of disappointing utter collapse of original Terra, the Seoul Metropolitan Police Agency is reportedly launching an inquiry against a Terraform labs employee who allegedly embezzled Bitcoin, the corporate funds of LUNA and Terra, according to a Korean news site.

It reports that the police obtained information in the previous month that a person believed to be a Terraform Labs employee was suspected of embezzling corporate funds, so they requested that the funds be frozen through a virtual currency exchange and then initiated an inquiry.

Following the Terra UST depegging in May, Terra's ecosystem imploded. The original LUNA fully lost all of its value after a dramatic price decline, resulting in billions of dollars in damage. Binance's CEO, Changpeng Zhao, revealed that the company lost about $1.6 billion on its LUNA investment at the top.

LUNA 2.0 underperforms

The new Terra blockchain, which went live well over a week ago, is already falling short of expectations. Terra 2.0 went live on May 28 as part of Terra co-founder Do Kwon's "Terra revival" plan, which was approved by the community. Following its demise, the original Terra blockchain was abandoned and rebranded as Terra Classic.

As feared by many, LUNA 2.0 got off to a rocky start, losing nearly 70% of its value in the first 24 hours. The price of the LUNA 2.0 coin has stagnated since then. According to CoinMarketCap data, LUNA was trading at $4.29 at the time of publication, down 15.55% in the last 24 hours. Before the TerraUSD (UST) stablecoin lost its dollar parity on May 6, the old LUNA was changing hands at roughly $86.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.