The U.S. and South Korean governments have agreed to share ongoing crypto reportedly agreed to share data on the incidents.
U.S. and South Korea to share data on crypto investigations
South Korean Justice Minister Han Dong-hoon met with U.S. prosecutors during a visit to New York this week, Yonhap News reported Wednesday.
U.S. officials present at the meeting included Andrea Griswold, chief U.S. attorney, and Scott Hartman, co-chief of the Securities and Commodities Fraud Task Force of the U.S. Attorney’s Office for the Southern District of New York.
The two officials discussed ways to enhance cooperation in the investigation of major securities fraud and financial crimes, including those involving cryptocurrencies. Specifically, they discussed the exchange of information between the Southern District of Seoul Prosecutor’s Office and the Southern District of New York Office.
The two sides agreed to share the latest investigative data on ongoing crypto cases, including those surrounding the collapse of the cryptocurrency Terra (LUNA) and Algorithm Stable Coin Terrausd (UST), the publication said.
Both the United States and South Korea are investigating the collapse of LUNA and UST with Terraform Labs founder Do Kwon.
South Korean prosecutors are considering possible fraud charges. Additionally, the South Korean government is considering imposing uniform listing standards on cryptocurrency exchanges.
In the U.S., the Securities and Exchange Commission (SEC) is investigating whether Do Kwon and the marketing of USTs before it crashed violated investor protection regulations.The collapse of LUNA prompted SEC Chairman Gary Gensler to prompted the warning. Meanwhile, U.S. lawmakers have also called for urgent regulation of stablecoins.
Image credits: Shutterstock, Pixabay, Wiki Commons