Seoul Police is investigating a statement of reserves in BTC by Terraform Labs – Bits Media

Seoul police investigate reports of a “suspicious” cryptocurrency wallet, which could be used for the theft of bitcoins by employees of the Terra Insurance Fund.

According to the representative of the police department Seoul, Law enforcement officers suggest, what All bitcoins stolen from the “suspicious” cryptocurrency wallet previously belonged to the Luna Foundation Guard Foundation (LFG), created TerRaform Labs to maintain terrausd binding (UST) To the dollar.

During a certain period, LFG has accumulated cryptocurrency reserves to protect UST binding to the dollar. As of 7 May, Reserves made up 80 394 VTS - around $2.9 billion. According to the message, received by the police, As of 16 May LFG reserves decreased to 313 Vts.

At the beginning of the month, CEO of the Binance cryptocurrency trading platform, Chanpen Zhao (Changpeng Zhao) He instructed the investigative group of his exchange to study the accusations against the founder of TerRaform Labs and the Terra project in fraud.

Answering journalists' questions, Zhao said, that cannot confirm or refute these accusations, Until the investigation group of the exchange will check each of them.