• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Thursday, May 15, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto Bitcoin

Terra’s Ecosystem is now digging its own grave, thanks to the employee’s actions of embezzlement

by Nishant K
June 8, 2022
in Bitcoin, Crypto, Crypto Exchanges
Reading Time: 2 mins read
0
Terra digging its own grave

Picture Credits: Business 2 Community

TwitterWhatsappLinkedin

Terra is constantly digging its grave and making a deeper hole.

Terra digs its own grave
Picture Credits: FX Empire

Since the market crash, Terra has been functioning as an amateur and the team of terra has been diving into ocean of complications and issues. First the stable coin UST and its sister token lost almost 100% of its value and were reduced to less than $1. The failure in gaining the trust of investors in Luna 2.0, Do Kwon‘s involvement in issues regarding his remarks which he made humorously; his tax evasion actions surely made a big dent on Terra’s ecosystem. Now, in another development, Terra’s staff person has committed a crime of embezzlement, which has only dug deeper graves for Terra’s ecosystem.

You might also like

XY Miners receives $70 million in funding to bring users $3,000 in passive income per day

Trump-Themed Meme Coin Sees $140 Million Surge as Supporters Buy In for Exclusive Dinner Invite

Bitcoin’s Institutional Exodus: How $1 Billion Outflows and an Upward-Sloping Halving Set the Stage for a Supply Shock

Let’s look at a tweet below from Fatman.

The Seoul Police confirmed today that they are investigating an embezzlement case from last month where a TFL employee (not Do Kwon) allegedly stole bitcoins from the company’s coffers.https://t.co/BBVqDoEvvD

— FatMan (@FatManTerra) June 7, 2022

From the tweet it is certainly evident that, the Seoul Police has confirmed that the investigations are in progress in regards to an embezzlement case from the last month where a TFL employee allegedly stole bitcoins from the company’s coffers.

 

Details of the Embezzlement.

According to sources from South Korea, Seoul police are investigating a TFL (Not Do Kwon) employee for misappropriation of Luna and Terra business cash. This embezzlement occurred in May 2021, according to reports.

A report was obtained by the authorities in Seoul Metropolitan City that an individual from Terra may have embezzled corporate funds. As a result of such a report, the police proceeded to freeze the assets associated to Terra’s non-profit organisation, the Luna Foundation.

Luna Foundation Guard was enacted and brought into existence to safeguard investors in the Terra project. The primary goal of this group is to hold TFL accountable for the management of the UST stablecoin.

The statements from one of the cops revealed that the Seoul Police were running the investigations thoroughly and do not know who all were part of the fraud. They were also in the starting stages of the investigation which meant they were trying to understand if there was any activity which led to embezzlement of the corporate funds or not.

It is told as of now that, Do Kwon doesn’t have any kind of relation in the act and the activity if happened has happened without his knowledge. Even though Do Kwon has a bad reputation in the market especially for not being a trust worthy tech personality, currently it seems as though he has no involvement in the fraud.

In conclusion, it is not good for the whole crypto market as one of the major players is consistently falling under the radar of various kinds of complications. Recently, 5 investors also went on to file lawsuit against Do Kwon, which only add salt to the injury.

Tags: #2.0#Crypto#cryptoexchange#terralunacryptocurrencyEmbezzlementLunaTerra
Tweet54SendShare15
Previous Post

Nothing Phone (1) Launch confirmed officially for 12th of July this year

Next Post

Samsung Galaxy S22 Diablo Immortal Edition with Collector’s item launched officially

Nishant K

Recommended For You

XY Miners receives $70 million in funding to bring users $3,000 in passive income per day

by Techstory
May 15, 2025
0
XY Miners receives $70 million in funding to bring users $3,000 in passive income per day

As the world attaches great importance to clean energy and sustainable development, XY Miners, a British cryptocurrency cloud mining platform, announced the successful completion of a $70 million...

Read more

Trump-Themed Meme Coin Sees $140 Million Surge as Supporters Buy In for Exclusive Dinner Invite

by Harikrishnan A
May 15, 2025
0
Trump Campaign Confirms Security Breach Amid Concerns of Foreign Interference

In a striking fusion of digital finance and political enthusiasm, supporters of Donald Trump have funneled over $140 million into a meme-themed cryptocurrency known as $TRUMP. Their goal?...

Read more

Bitcoin’s Institutional Exodus: How $1 Billion Outflows and an Upward-Sloping Halving Set the Stage for a Supply Shock

by Anindya Paul
May 14, 2025
0
Bitcoin’s Institutional Exodus: How $1 Billion Outflows and an Upward-Sloping Halving Set the Stage for a Supply Shock

During the first week of May 2025, institutional investors staged a record withdrawal of 9,739 BTC—worth more than $1 billion—from Coinbase in a single 24-hour stretch, the largest...

Read more
Next Post
Samsung Galaxy S22 Diablo Immortal Edition with Collector's item launched officially

Samsung Galaxy S22 Diablo Immortal Edition with Collector's item launched officially

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?