HomeAltcoinPolice are looking into the Luna Foundation Guard.

Police are looking into the Luna Foundation Guard.

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While the news surrounding the Terra (LUNA) ecosystem remains volatile, South Korean authorities have requested that the assets of the Luna Foundation Guard (LFG), the foundation that manages the Terra blockchain, be frozen.

For several days, the terrible news and the legal ramifications have been intertwined within the Terra blockchain.
Following many accusations filed against Do Kwon, the founder of Terra, the Korean authorities are now targeting the Luna Foundation Guard.

A few weeks ago, the LFG, which manages the Terra blockchain, attempted to compensate for UST’s demise by allocating $1.5 billion in Bitcoin (BTC) from its treasury.

According to a report from the Seoul Metropolitan Police Agency, officials decided to interfere after receiving information concerning the presence of embezzled funds.

To conduct their inquiry, the agency requested that all exchanges freeze the LFG’s cash in order to raise the veil on this story.

Despite the phrasing of the authorities’ request, Korean law does not require exchanges to follow this request.
The freezing of the Luna Foundation Guard’s assets will thus be done based on the goodwill of the trading platforms, which may slow down the probe.

No one appears to be in command of the current situation, whether on the side of the LFG or the Korean government. Furthermore, if the fake origin of specific monies is proved, it could bring down the many relief programs that continue to give optimism to Terra blockchain supporters.

 

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