{"id":451788,"date":"2022-05-24T05:31:19","date_gmt":"2022-05-24T02:31:19","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/south-korean-police-request-exchanges-freeze-lfg-related-funds\/"},"modified":"2022-05-24T05:31:19","modified_gmt":"2022-05-24T02:31:19","slug":"south-korean-police-request-exchanges-freeze-lfg-related-funds","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/south-korean-police-request-exchanges-freeze-lfg-related-funds\/","title":{"rendered":"# South Korean police request exchanges freeze LFG related funds"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c59189fc61\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c59189fc61\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/south-korean-police-request-exchanges-freeze-lfg-related-funds\/#%E2%80%9D_South_Korean_police_request_exchanges_freeze_LFG_related_funds_%E2%80%9C\" >&#8221; South Korean police request exchanges freeze LFG related funds &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_South_Korean_police_request_exchanges_freeze_LFG_related_funds_%E2%80%9C\"><\/span>&#8221; South Korean police request exchanges freeze LFG related funds &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMTJkMWYwZmUtNGRlMS00NTg5LThmZDktM2Y3ODQ5MGQ1MjAyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-2a0745c6>Crypto exchanges in South Korea have been issued notices from police requesting the sequestering of funds related to the Luna Foundation Guard.\u00a0<\/p>\n<p>On May 23rd, 2022, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/n.news.naver.com\/mnews\/article\/056\/0011270954?sid=102\">Korean authorities sent a request<\/a> to the top crypto exchanges in the country to prevent funds from being withdrawn. Specifically, the Seoul Metropolitan Police Agency asked to prohibit the Luna Foundation Guard from taking any action. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newspim.com\/news\/view\/20220523000578\">The police claim<\/a> that clues have been found that may link the organization to embezzlement.<\/p>\n<p>The Luna\/Terra algorithmic stablecoin crash, which reduced the value of the coin by over 99%, crushed investor portfolios overnight earlier this month.<\/p>\n<p>However, this request is not a demand and is not enforceable by law. Each exchange can choose how they would like to respond, but it is not yet known how they will react. <\/p>\n<p>Several prominent Korean investors requested that Do Kwon, CEO of Terraform Labs, be investigated and sued for the collapse of the UST stablecoin. This triggered the revival of the \u201cGrim Reaper,\u201d a Korean Financial and Securities Crime Joint Investigation Team. <\/p>\n<p>Korean legislators have gone as far as meeting with executives from each of these exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax. Because they are not required to comply, this meeting is likely a move to put pressure on the heads of these exchanges.<\/p>\n<p>According to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.newspim.com\/news\/view\/20220523000578\">Newspim<\/a>, Yoon Chang-Hyeon, chairman of the People&#8217;s Strength Virtual Assets Special Committee, said on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Facebook<\/a>, &#8220;We will check the exchange&#8217;s investor protection measures.&#8221;<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Terra crash not a risk to the broader crypto ecosystem, says Huobi Global co-founder<\/em><\/strong><\/p>\n<p>It is reasonable to expect that the representatives from the exchanges will be held accountable, in some way, for the damage caused to investors by the LUNA crash, reported the outlet. <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a>pim also reported that the Korean National Assembly is taking the initiative to regulate punishment in this matter. <\/p>\n<p>Two of the exchanges had already <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theblockcrypto.com\/post\/146253\/korean-crypto-exchanges-issue-warnings-about-trading-luna\">issued warnings on their websites<\/a>, Coinone has already halted the trade of LUNA as of May 11th, and Binance had also suspended some spot trading.<\/p>\n<p>Although this official report joins the broader developing story, the request to the crypto exchanges and the Do Kwon investigation are not linked. The actions by the National Assembly and the Korean authorities make it clear that Korea is willing to take the necessary steps to get to the bottom of the Terra ecosystem collapse imbroglio. <\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/south-korean-police-request-exchanges-freeze-lfg-related-funds\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; South Korean police request exchanges freeze LFG related funds &#8220; Crypto exchanges in South Korea have been issued notices from police requesting the sequestering of funds related to the Luna Foundation Guard.\u00a0 On May 23rd, 2022, Korean authorities sent a request to the top crypto exchanges in the country to prevent funds from being&#8230;<\/p>\n","protected":false},"author":1,"featured_media":451789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDUvMTJkMWYwZmUtNGRlMS00NTg5LThmZDktM2Y3ODQ5MGQ1MjAyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75917,122378,70934,72420],"class_list":["post-451788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-exchanges","tag-terra","tag-regulation","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/451788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=451788"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/451788\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/451789"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=451788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=451788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=451788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}