South Korea Attacks Terra by Preventing Funds from Flowing and Arresting Individuals

The country’s cryptocurrency rules are already stringent, and the current UST fiasco is simply adding to the authorities’ frustrations.

The Terra tale will go down in crypto history as one of the most terrible events, as investors continue to bear the brunt of the crisis in one way or another.

Arrested Terra Enthusiast

Chancers, a Terra fan who streams under the moniker Chancers, was recently detained by South Korean officials. The individual was apprehended when he was discovered at the house of Terra’s founder, Do Kwon.

Chancers, in his own words, was one of Korea’s top 1% in terms of money until the collapse of May 9, when TerraUSD (UST) lost its peg and LUNA dropped by 100 percent. He is now in difficulties as a result of the collision.

Due to his desperation as a result of the losses, he went to Do Kwon’s residence, which got him into further difficulty when South Korean law officials started looking for the guy who paid a visit to Terraform Labs’ founder.

Chancers eventually handed himself in to the cops. “I felt like I was going to die,” Chancers was quoted as saying in a BBC article. In a short amount of time, I lost a lot of money. My cryptocurrency was worth about $2.4 million (£1.9 million).”

South Korea, on the other hand, did not stop there. Terra has been pursued by the country’s law enforcement and government authorities in every manner conceivable.

Blocked Terra LFG

The Seoul Metropolitan Police Agency has urged numerous large exchanges in the nation to stop Terra’s Luna Foundation Guard from taking any cash, according to the Korean Broadcasting System.

Do Kwon and Terra have been on the government’s radar since the accident and charges of tax cheating, and this request is another move in that direction.

The authorities want to call Do Kwon to testify about the UST depegging, which set off a chain reaction that resulted in the LUNA’s value plummeting, causing the crypto market to lose almost $400 billion.

However, because exchanges aren’t legally compelled to execute police demands, it’s unclear if LFG will be stopped from withdrawing.

Despite Terraform Labs’ varied efforts, LUNA and UST have continued to decrease in value after the collapse, with the former presently trading at $0.00016 with a supply of 6.5 trillion LUNA and the latter at $0.06.

Leave a Comment