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Police announce orders to freeze LFG funds

TL;DR Breakdown
  • Police announce order to freeze LFG funds
  • The authority will not enforce its orders
  • The legislature is looking into Terraform

The police in South Korea have issued a directive to crypto platforms to bar funds belonging to the LFG. According to the update, the body announced that requests had been sent to the platforms to halt LFG funds from being withdrawn. The authority also instructed that should any move arise from the LFG, they should be barred from making any moves. The South Korean police said new evidence has surfaced tying the Luna foundation to embezzlement charges.

Police will not enforce their orders

In the earlier part of this month, LUNA saw a massive decline in its value as it lost more than 90% over two market days. The loss culminated in investors recording an enormous dent in their portfolios amid calls to authorities to look into the issues. However, the statement said that the update is not an order, which means the law does not enforce it.

This means that the platforms are free to choose their reply to the directive. However, it is still unclear their reaction to the update. Investors have called for the investigation of people at the top of Terraform. These calls have pushed the country to invite the ‘Grim Reaper’ group. They investigate financial crimes involving high-profile individuals.

The legislature is investigating Terraform

There have also been moves made by several members of the legislature to ensure the platforms in this bracket comply. These platforms are some of the top guns across Korea. New reports have also said that the committee chairman has promised to look into the consumer protection law. There are also chances that some of these platforms will be involved in Terra’s woes. This is because the country cites specifically that exchanges must protect their customers from harm.

The National Assembly is also looking into the issues to mete out sanctions to all erring parties. However, some platforms involved have released clear warnings relating to the problems. Coinone announced the delisting of LUNA from its platform, while top exchange, Binance, announced the suspension of spot trading of LUNA. Although the police order is developing at the same rate as the inquisition by the country’s government, there are two different things. While the exchanges have the freedom to make their choice regarding the police directive, the government is working tirelessly to unravel everything behind the issue.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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