• September 29, 2023


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The South Korean Police Opens Investigation Against Terraform Labs Employee

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The Seoul Police Department has initiated an investigation against one of the employees of Terraform Labs.

According to the Financial Times, the agency is reportedly checking information regarding the potential embezzlement of corporate funds.

The police has emphasized the investigation is not directly related to Do Kwon, the CEO of the company.

Chosun Biz has said this is about an incident that occurred in May last year. The authorities managed to freeze the crypto the suspect transferred to the platform of one of the local exchanges. The amount of stolen funds remains a secret.

According to the publication, the Seoul Southern District Prosecutor’s Office is also interested in Terraform Labs as the agency has received two collective complaints signed by 81 investors.