{"id":61731,"date":"2022-05-19T18:40:31","date_gmt":"2022-05-19T15:40:31","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=61731"},"modified":"2025-09-05T13:55:17","modified_gmt":"2025-09-05T10:55:17","slug":"south-korea-to-revive-interagency-task-force-to-probe-terra-collapse-reports-say","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korea-to-revive-interagency-task-force-to-probe-terra-collapse-reports-say\/","title":{"rendered":"South Korea to revive interagency task force to probe Terra collapse, reports say"},"content":{"rendered":"<p>South Korean authorities have recreated an interagency task force, disbanded more than two years ago, to investigate the collapse of Terra. The team was previously nicknamed the &#8220;Grim Reapers,&#8221; local media reported.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Grim Reaper v. Phoenix \u2014 Special Investigation Team Probe into Do Kwon and Terra<a href=\"https:\/\/t.co\/i9V6TQhY19\">https:\/\/t.co\/i9V6TQhY19<\/a><\/p>\n<p>\u2014 Jun (@zunahn) <a href=\"https:\/\/twitter.com\/zunahn\/status\/1527147013691043840?ref_src=twsrc%5Etfw\">May 19, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Since 2013, the Yeouido Grim Reaper group, composed of prosecutors and regulators in the financial and securities sectors, has conducted 346 arrests in 965 cases, largely related to market manipulation.<\/p>\n<p>According to <a href=\"https:\/\/news.sbs.co.kr\/news\/endPage.do?news_id=N1006755351&#038;plink=ORI&#038;cooper=NAVER\">SBS News<\/a>, about 280,000 investors in the country were affected by Terra&#8217;s collapse. On the eve of the crash, the market capitalization of the project&#8217;s native token LUNA stood at about $24.5 billion, compared with $0.8 million at the time of writing (<a href=\"https:\/\/www.coingecko.com\/ru\/%D0%9A%D1%80%D0%B8%D0%BF%D1%82%D0%BE%D0%B2%D0%B0%D0%BB%D1%8E%D1%82%D1%8B\/terra-luna\">CoinGecko<\/a>).<\/p>\n<p>Losses sustained by the Korea-based blockchain firm Hashed from investments in Terra ecosystem assets amounted to $3.5 billion.<\/p>\n<p>The interagency group suspects the project\u2019s founders of orchestrating a Ponzi scheme.<\/p>\n<p>In addition to investigating Terra&#8217;s collapse, the Yeouido Grim Reaper team will reopen the case against the Lime-Optimus Fund, which was not completed before its disbandment in 2020. It concerns the embezzlement of $1.2 billion of investors&#8217; funds.<\/p>\n<p>Co-founder of Terraform Labs, Do Kwon, also faces a fine of 100 billion won ($78 million) for evading corporate and income taxes, according to Edaily.<\/p>\n<p>On May 17, Kwon <a href=\"https:\/\/u1f987.com\/en\/news\/terraform-labs-co-founder-proposes-terra-hard-fork-to-revive-terra\">proposed a rescue plan<\/a> for the Terra ecosystem by conducting a hard fork with the launch of new networks and a token. Although the community <a href=\"https:\/\/u1f987.com\/en\/news\/terra-community-rejects-plan-for-hard-fork-and-airdrop-of-a-new-token\">reacted negatively to the idea<\/a>, validators <a href=\"https:\/\/station.terra.money\/proposal\/1623\">voted in favour of its implementation<\/a>.<\/p>\n<p>In Korea, the collapse of the project <a href=\"https:\/\/u1f987.com\/en\/news\/media-terra-collapse-to-be-debated-in-parliament-in-south-korea\">was proposed to be discussed<\/a> at the parliamentary level.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korean authorities have revived an interagency task force disbanded more than two years ago to investigate Terra&#8217;s collapse. The team was previously nicknamed the Grim Reapers, local media reported.<\/p>\n","protected":false},"author":1,"featured_media":61732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1323,974,852],"class_list":["post-61731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-investigations","tag-south-korea","tag-terra"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61731","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=61731"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61731\/revisions"}],"predecessor-version":[{"id":61733,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/61731\/revisions\/61733"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/61732"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=61731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=61731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=61731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}