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Terra’s ‘vortex of death’ brings scrutiny from South Korean regulators

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South Korea’s financial regulators came together on Tuesday to discuss how to address fallout from this month’s collapse of the TerraUSD stablecoin.  The Financial Supervisory Service (FSS), the Fair Trade Commission (FTC) and the Financial Service Commission (FSC) shared updates following an emergency meeting held at the National Assembly, according to local news reports.  TerraUSD, an algorithmic stablecoin on the Terra blockchain known by its ticker UST, de-pegged from the dollar in catastrophic fashion this month, destroying more than $40 …

South Korea revives ‘Grim Reaper’ financial crimes unit to investigate Terra’s collapse

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A specialized financial crimes unit has been tasked with investigating last week’s collapse of the Terra blockchain’s main cryptocurrencies while founder Do Kwon faces hefty tax fines, according to South Korean media reports. The group, consisting of prosecutors and employees from the Financial Services Commission and the Financial Supervisory Service, will investigate the methods Terraform Labs used to attract investors, SBS News reported on Wednesday.  The unit’s accuracy and clinical approach has earned it the nickname “Yeouido Grim Reaper,” after …

Terraform Labs CEO pseudonymously co-created failed stablecoin project Basis Cash, CoinDesk reports

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CoinDesk reported Wednesday that Do Kwon, co-founder and chief executive of the development firm behind the Terra blockchain, was closely involved with an earlier stablecoin effort that failed to gain traction. Basis Cash, as reporters Danny Nelson and Sam Kessler noted in their report, was an Ethereum-based stablecoin that aimed to revive an algorithmic stablecoin concept known as Basis. Basis was a venture-backed project that folded amid concerns about regulation. Basis Cash first was unveiled in August 2020. The disclosure …

Terraform argues SEC lacks jurisdiction in its investigation

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A new response from crypto startup Terraform Labs hit the court docket last weekend as part of an ongoing legal spat with the Securities and Exchange Commission (SEC).  As previously reported, SEC served Terraform CEO Do Kwon with a subpoena during the Mainnet conference in New York City. Kwon would go on to file his own lawsuit against the securities watchdog, claiming the agency violated his rights to due process by improperly serving him. In the SEC’s own proceedings against …