Seoul Police Probe Allegation of Embezzlement by Terraform Staff
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Seoul police are investigating allegations that staff of Terraform Labs, the company behind the collapsed TerraUSD algorithmic stablecoin, embezzled Bitcoin holdings amassed to help defend the token’s peg to the dollar.
The Seoul Metropolitan Police Agency is investigating a report about a “suspicious” crypto wallet that may have been used to embezzle Bitcoin, an official said by phone on Thursday. It wasn’t clear whether the wallet belonged to one or several employees, and the amount of Bitcoin possibly stolen isn’t yet known, the official said.