HomeBusinessThe US and South Korea to Share Data on Crypto Cases

The US and South Korea to Share Data on Crypto Cases

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The US and South Korea to Share Data on Crypto Cases
The US and South Korea to Share Data on Crypto Cases

The U.S. and South Korean governments have reportedly agreed to share data on ongoing crypto cases. It includes the case surrounding Terraform Labs CEO Do Kwon and the collapse of the terra cryptocurrency (LUNA) and stablecoin terrausd (UST).

The U.S. and South Korea to Share Data on Crypto Research

South Korean Justice Minister Han Dong-hoon met with U.S. prosecutors’ office officials during a visit to New York this week. the Yonhap news agency reported Wednesday.

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U.S. officials present at the meeting included Andrea Griswold, senior adviser to the U.S. Attorney, and Scott Hartman, co-chair of the U.S. Attorney’s Office of the Southern District of New York’s Securities and Commodity Fraud Task Force.

Officials from the two countries examined ways to improve cooperation. The cooperation will be in investigating major securities frauds and financial crimes. Also including those involving cryptocurrencies. They discussed the exchange of information between the U.S. Attorney’s Office of the Southern District of Seoul and the Office of the Southern District of New York.

The two sides agreed to share their latest investigative data on ongoing crypto cases. It includes the case surrounding the collapse of the terra cryptocurrency (LUNA) and the algorithmic terrausd stablecoin (UST), the post conveyed.

Both the United States and South Korea are investigating Terraform Labs founder Do Kwon and the implosion of LUNA and UST.

South Korean prosecutors are investigating possible fraud charges. Besides, the Korean government is considering imposing a unified listing. The listing would be standard on cryptocurrency exchanges.

In the United States, the Securities and Exchange Commission (SEC) is investigating Do Kwon and whether UST is trading. Before, it crashed and violated investor protection regulations. The Luna implosion led SEC Chairman Gary Gensler to warn that many crypto tokens will fail. Meanwhile, U.S. lawmakers are also calling for urgent regulation of stablecoins.

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