The US and South Korean Governments Will Share Data on Crypto Case Investigations
The U.S. and
South Korean governments have reportedly agreed to share data on crypto cases,
including the case of Terraform Labs CEO Do Kwon and the collapse of
cryptocurrency terra (LUNA) and stablecoin terrausd (UST).
Sharing of
Crypto Case Data to Include LUNA and UST Meltdown
South Korea’s
Justice Minister, Han Dong-hoon, met with U.S. prosecution officials during a
visit to New York this week, Yonhap News Agency reported on Wednesday.
The U.S.
officials present at the meeting included Andrea Griswold, Chief Counsel to the
United States Attorney, and Scott Hartman, Co-Chief of the Securities and
Commodities Fraud Task Force of the U.S. Attorney’s Office for the Southern
District of New York.
The officials
from the two countries explored ways to enhance cooperation in the
investigation of major securities fraud and financial crimes, including those
involving cryptocurrency. The discussions included exchange of information between
the Seoul Southern District Prosecutors Office and the Southern District of New
York office.
The two sides
agreed to share their latest investigation data on the prevailing crypto cases,
including the case involving the collapse of cryptocurrency terra (LUNA) and
algorithmic stablecoin terrausd (UST), the agency conveyed.
Both the U.S.
and South Korea are investigating Terraform Labs founder Do Kwon and the
implosion of LUNA and UST.
South Korean
prosecutors are looking into possible fraud charges. The Korean
government is also considering imposing a unified listing standard on
cryptocurrency exchanges.
In the U.S.,
the Securities and Exchange Commission (SEC) is investigating Do Kwon
and whether the marketing of UST before it crashed violated investor-protection
regulations. The LUNA implosion prompted SEC Chairman Gary Gensler to warn
that a lot of crypto tokens will fail. Meanwhile, U.S. lawmakers are also
calling for the urgent regulation of stablecoins.
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