The South Korean government has reformed its toughest financial investigation team and sent them after Do Kwon and Terraform Labs. Investors in the project are also launching criminal and civil suits against Kwon.
confirmed on Wednesday that the Terra case would be the first the resurrected Securities Crimes Joint Investigation Team would investigate. A representative from the team told SBS News that, “The Terra case caused severe damage to average citizens which led us to designate this as the first investigation.”
Reforming the feared investigative team may be a political move by the new conservative President Yoon Seok-yeol, reversing the decision by the previous liberal Moon Jae-in administration to disband it. However, the severity of the Terra situation is illustrated by the fact that it is the first case the investigators will handle in two years.
The team earned the moniker The Grim Reapers due to the high-profile cases it handled. One of the largest cases the team handled was the $1.2 billion Lime Asset Management embezzlement scandal. The team was disbanded before the investigation was complete, so that case is set to be reopened.
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