Resource: Cryptopotato.com
5 months ago
Date: 06 Jul 2022 - 22:02

In the aftermath of Terras historic debacle regulatory scrutiny targetting the stablecoin industry through cooperative measures across borders has become urgent to authorities worldwide. According to a recent report South Korean Justice Minister Han Donghoon has discussed with US officials potentially enhancing cooperation in fighting against security fraud and financial crimes.Strengthening Ties on Crypto RegulationsHan Donghoon met chief officials from the US Securities and Commodities Task Force during a visit to New York on Tuesday nodding for a cooperative investigation with the US agencies on the potential crimes involved in Terras collapse.The partnership aims to strengthen information exchange across borders doubling down investigative efforts on crypto and other financial crimes. In particular Terra 8211 the project being probed in both countries 8211 is under the spotlight again8220The two sides also agreed to share their latest investigation data on ongoing crypto cases including the highprofile case surrounding the meltdown of stablecoin TerraUSD and its digital coin counterpart Luna.8221The fall of Terra has caught legal scrutiny from global authorities. Last month Korean prosecutors launched an investigation on the team looking into possible fraud charges and market manipulation. Reportedly a key member of the group was even banned from leaving the country.Meanwhile the SEC 8211 the top US securities watchdog 8211 expanded its scope of investigation on the Terrabased DeFi platform Mirror Protocol. The regulatory entity believed the protocol could have violated the Securities Act by offering investors to transact tokenized versions of popular stocks like Tesla and Airbnb.In addition the agency also looked into if the cofounder and CEO of Terra 8211 Do Kwon 8211 had violated the investorprotection regulations when he promoted UST and Luna before they collapsed.CrossBorder PartnershipsLast week the UK and US issued a joint statement on strengthening regulatory outcomes for digital assets across jurisdictions. Both authorities expressed concerns regarding the role of stablecoins and cryptoasset trading and lending platforms as the broader market downturn has revealed issues rooted in some problematic projects.This came in the wake of crypto firms falling apart largely due to overly leveraging their existing assets during the bull market. As the bear market hits the industry some have to file bankruptcy or claim insolvency as their debts pile up and their crypto positions get liquidated.

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On Wednesday May 11 LUNA which is the native staking and governance token ofTerra protocolis trading below 10 which is a huge fall from the alltime high of 119.18 which was set just over five weeks ago. What Is Terra LUNA The official Terra documentation has this tosayabout the Terra Protocol The Terra protocol is

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Its been over a week since Terra UST depegged triggering a massive market drawdown.USTs market cap plummeted from 18.7 billion to 1.15 billion at writing. Similarly the Terra LUNA token dropped from 21 billion to 236 million at its lowest point on May 13. The event was a wakeup call for investors who were blindsided by the severity of the losses the repercussions of which will be felt years from n

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