The Seoul Metropolitan Police Agency has launched an investigation against an employee of Terraform Labs, who was involved in embezzling corporate funds in Bitcoin from the company in May.

South Korean police have argued that the employee’s illegal activities are entirely private and do not involve Do Kwon, the founder of Teraform Labs.

Following an investigation conducted by Seoul police, the authorities requested that the employee’s funds at the crypto exchange be suspended and then proceed with an investigation.

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Request for Terraform Withdrawal Suspension

Meanwhile, police have requested that local cryptocurrency trading platforms be upbeat and Bithumb, the Luna Foundation Guard, a non-profit organization focused on the Terra blockchain, prevent the withdrawal of funds from accounts maintained on the Virtual Currency Exchange.

However, under South Korean law, stopping a police request is not mandatory, so the exchange has the option to provide assistance.

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LUNA 2.0 lost 70% of its value in 24 hours following its launch (Coingape).

LUNA 2.0 – A Classic Failure?

Following the de-pegging of Terra UST, Terra is completely broken. LUNA has collapsed and lost all its value, causing billions of dollars in losses.

When Terra 2.0, or rebranded as Terra Classic, went live on May 28, everyone thought it would be a Terra revival. However, Plan B of Terra co-founder Kaun was a disappointing failure.

LUNA 2.0 dropped its price by 70% 24 hours after launch. The LUNA 2.0 coin traded at 29 4.29, down 15.55% after 24 hours. Given this data, the old LUNA was performing even better on May 6 when trading at 86 86.

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BTC total market cap at $862 billion on the daily chart | Source: TradingView.com

The purpose of the LFG was to protect Terra investors

LUNA has a market cap of 2,806M Spot within 13,400+ cryptocurrencies, with over 80 380 million trade volume seen in the last 24 hours.

When Terra USD (UST) stablecoin lost parity with the dollar on May 6, the previous LUNA was trading at around $ 86.

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The Luna Foundation Guard Terra project was designed to protect investors. One of the main objectives of the group is to adhere to the guidelines of Teraform Labs in the administration of UST Stablecoin.

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Featured image from Kaspersky, chart from TradingView.com