- Officials from South Korea and the US met in New York on Tuesday to share information on financial crime.
- In that meeting, he discussed his investigation into the collapsed stablecoin TeraUSD and its counterpart, LUNA.
- TeraUSD initially collapsed in May, and the value of various coins associated with the project did not return.
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Officials from South Korea and the US met this week to discuss topics including the investigation into May’s Terra collapse.
Officials discuss terra probe
Prosecutors in any hemisphere can team up to investigate Terra.
South Korea’s Justice Minister Han Dong-hoon met with two US officials during a visit to New York on Tuesday, June 6, to discuss Terra’s meltdown in May, among other topics.
Scott Hartman and Andrea M., head and co-chief of the US Securities and Commodities Task Force. Griswold was also present.
The Yonhap News Agency reports that the two sides shared data on “the high-profile case surrounding the recession of the stablecoin TeraUSD and its digital coin counterpart, Luna.”
South Korean prosecutors are reportedly pursuing fraud charges, while the US SEC is investigating whether TeraUSD’s marketing approach broke investor-protection rules.
The two sides also discussed ways to increase cooperation and share information on financial crimes and crypto-related crimes in general.
There has been no recovery after the fall in prices
The value of Tera’s LUNA and TeraUSD tokens collapsed in the days following May 8. Despite Terra’s efforts to revive the project by forking the blockchain, the price remains very low.
TeraUSD Classic (USTC) is priced at $0.05, which is well below its intended $1.00 price peg. The Terra Luna Classic (LUNC) is priced at 1/10,000 percent. Revived Terra (LUNA) is priced at $2.14, a drop from the end of May, when it was priced at $10.52.
Although Terra collapsed in May, the investigation into the matter is likely to continue for months or years to come.
In addition to the investigations discussed above, Terra is being investigated on other fronts as well. Previous reports suggest that employee travel bans, tax fraud and Ponzi scheme designations have been at the center of recent investigations.
Other reports suggest that South Korea may blame exchanges for failing to protect investors during the crash.
Disclosure: At the time of writing, the author of this article owns BTC, ETH and other cryptocurrencies.