South Korea and The US Will Work Together on Crypto Cases
According to reports, the U.S. government and South Korean governments have agreed to share information on ongoing crypto cases including that of Terraform Labs CEO Do Kwon as well as the collapses of stablecoin terrausd and cryptocurrency terra (LUNA).
South Korea and the United States will share data on crypto investigations
Yonhap News Agency reported Wednesday that South Korea’s Justice Minister Han Donghoon met with U.S. prosecutor officials in New York during his visit.
Andrea Griswold (chief counsel to the United States Attorney) and Scott Hartman (co-chief of Securities and Commodities Fraud Task Force of U.S. Attorney’s Office in the Southern District of New York) were among the U.S. officials who attended the meeting.
They discussed ways to improve cooperation in the investigation into major financial crimes and securities fraud, including cryptocurrency. They discussed, in particular, information exchange between Seoul’s Southern District Prosecutors Offices and the Southern District of New York offices.
US and South Korea to Share Data on Crypto Investigations
Both sides agreed to share the latest data from ongoing crypto cases including the case around the collapse of cryptocurrency terra and algorithmic stablecoin terrausd, the publication stated.
The U.S. as well as South Korea are looking into Do Kwon, Terraform Labs founder, and the implosions of LUNA/UST.
South Korean prosecutors are investigating possible fraud charges. The Korean government may also consider imposing a unified listing standard for cryptocurrency exchanges.
The Securities and Exchange Commission (SEC), in the United States, is investigating Do Kwon and whether marketing of UST prior to its crash violated investor protection regulations. SEC Chairman Gary Gensler warned that a lot more crypto tokens would fail after the LUNA implosion. U.S. legislators are calling for the urgent regulation of stablecoins .
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