Korean Police Move to Freeze Luna Foundation Guard Assets: Report

South Korean police are moving to freeze Luna Foundation Guard’s money in the wake of this month’s TerraUSD (UST) stablecoin collapse, according to a Monday report from KBS news.

• The Seoul metropolitan police have asked various crypto exchanges to ban Luna's ability to withdraw funds from the company, the report said. It was not clear which exchanges were requested or whether they complied.
• Terraform Labs lost $30 billion this month when Terra’s UST stablecoin and LUNA cryptocurrency went into a death spiral, costing investors billions globally.
• The associated Luna Foundation Guard was charged with protecting UST’s peg using a war chest of billions of dollars in bitcoin (BTC); it ultimately failed.
• President and Chief Executive Officer of Terraform Labs. Do Kwon is already under the financial crimes microscope and is facing a tax evasion investigation by a South Korean police unit known as the “Grim Reaper.”
• Luna Foundation Guard did not respond to a request for comment by press time.