According to a report by KBS News on Monday, Korean police are looking to freeze Luna Foundation Guard's funds after stablecoin TerraUSD (UST) collapsed this month.
- Seoul Metropolitan Police have asked various crypto exchanges to ban Luna's ability to withdraw corporate funds, the report said. It was not clear which exchanges were asked or whether they complied.
- Terraform Labs lost $30 billion this month when Terra's UST stablecoin and LUNA cryptocurrency went into a death spiral that cost investors billions worldwide.
- The associated Luna Foundation Guard was supposed to protect the UST stablecoin with a war chest of billions of dollars in bitcoin; it ultimately failed.
- Terraform Labs CEO Do Kwon is already under the financial crime microscope, facing a tax evasion investigation by a police force known as the "Grim Reaper."
Luna Foundation Guard did not respond by press time.