South Korean government revives ‘Grim Reapers’ amid Terra`s collapse

South Korean government revives ‘Grim Reapers’ amid Terra`s collapse

The global financial situation is bleak at the moment. The cryptocurrency industry has suffered the most, and its consequences have been harsh. The Terra LUNA and UST market crashes have devastated investors. Do Kwon, the founder’s ethnicity being South Korean, has left the government of South Korea to handle the aftermath.

South Korean government revives the Grim Reapers to look into Terraform Labs

Following an emergency investigation into the Terra market collapse, South Korea’s National Assembly and the administration are reportedly considering more stringent crypto laws. The South Korean government is doing everything to recover from the Terra market collapse and find out what went wrong in Terra’s LUNA and UST.

After two dormant years, the new South Korean President has reassembled the feared investigative and prosecutorial team to investigate the mess created by Terraform Labs. As the South Korean government resurrects the dormant Grim Reapers of Yeoui-do to look into Terra’s collapse, legal difficulties are accumulating for Do Kwon, the co-founder of failed Terra crypto project.

The task force, by law, is made up of staff from several financial watchdogs. It’s in charge of investigating and prosecuting securities fraud and anticompetitive trading tactics. Co-founders Do Kwon and Shin Hyun-Seong and key members of the Terra team might be exposed. 

According to a Korean news outlet, the Terra case would be the first investigated by the resurrected Securities Crimes Joint Investigation Team. A team member told SBS News that the Terra case caused significant damage to average citizens, therefore making this the initial investigation by the Grim Reapers into the crypto sector.