South Korean media accuses TerraForm Labs of data theft!
As if Terra’s ecosystem crash wasn’t bad enough, well-known South Korean national media outlet KBS is accusing TerraForm in writing of stealing crucial data for its own account.
Anchor would be managed by TerraForm and the company would have made UST filings to inflate the numbers, according to KBS. The Anchor network, which was the first DeFi protocol in South Korea, had around $12 billion in TerraUSD (UST) in April alone.
However, KBS claims that the cryptocurrency firm rigged the numbers to further entice investors to buy USTs. With these allegations, an investigation in Seoul would be triggered by the authorities to verify if KBS is right.
The stablecoin has changed its name to become TerraClassicUSD (USTC) Following the TerraUSD crash, the cryptocurrency lost its 1:1 peg to the US dollar in May.
Tighter regulation of stablecoins in Korea and the US
According to reports, the authorities have changed their restriction rules specific to stablecoins.
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These rules serve to enhance the security of investments and prevent possible financial meltdowns among those who may be affected.
A similar case is taking place on the american territoryin addition to the investigation TerraForm Labs faced in South Korea for manipulating its ecosystem numbers.
Many investors have lost their money as a result of the loss of the UST/USD parity. This failure had such a big impact on the cryptocurrency industry that the algorithmic stablecoins that were so innovative lost their creation.
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This stable currency collapses by 90%! Here are the factss.