FBI and SDNY are probing the collapse of Terra’s algo-stablecoin – UST The agencies investigation is on similar lines as that of the SEC, which charged Do Kwon for committing securities fraud The United States Justice Department is reportedly investigating the collapse of the once-leading algo-stablecoin – TerraUSD (UST). According to a report by Wall […]
The agencies investigation is on similar lines as that of the SEC, which charged Do Kwon for committing securities fraud
The United States Justice Department is reportedly investigating the collapse of the once-leading algo-stablecoin – TerraUSD . According to a report by Wall Street Journal, the Federal Bureau of Investigation and the Southern District of New York have started to probe UST’s collapse. The report states that both authorities have interrogated former employees of Terraform Labs – the company behind the algo-stablecoin. Additionally, the agencies are working on interviewing more individuals connected to the case, the
said. This investigation could possibly open a criminal case against Do Kwon – the founder of Terraform Labs.Notably, the developments come nearly a month after the US Securities and Exchanges Commission against Do Kwon and Terraform Labs. The charges alleged that Kwon and his firm had committed securities fraud and engaged in a scheme to defraud investors. The lawsuit claimed that the stablecoin – UST and LUNA were securities.
Moreover, the authorities are also seeking information on conversations related to a potential bailout of the failed stablecoin. Notably, the prosecutors have not accused any individual in relation to this and the investigation could end without any charges.Subscribe to get it daily in your inbox.
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