The parent company of Terra ecosystem, Terraform Labs, is currently under multiple investigations from South Korea regarding possible theft of Bitcoin by one of its employees.
The Seoul Metropolitan Police Agency had received an intelligence tip last month informing them of possible embezzlement of 80 bitcoins by one of the employees of the firm.
As per report, the employee has apparently tampered with the Bitcoin, which was stored by Terra’s support foundation, Luna Foundation Guard, to preserve the coin price.
However, cops have stated that the probe into the alleged theft from the company’s treasury wasn’t related to tainted co-founder Do Kwon. As of now, the cops are investigating individual stealing charges.
Officials have managed to freeze the stolen funds with the assistance of the firm until the investigation is complete. But, the amount of the stolen funds hasn’t been revealed yet.
Terraform Labs co-founder Daniel Shin has refuted any claims of malpractice or fraud. He said “There was no intention of deception as we just wanted to innovate the payment settlement system with blockchain technology.”
However, officials have also started probing into the recent crash of the Terra ecosystem and the role of Terraforms Labs employees and co-founder Do Kwon.
Also Read: Terraform Labs’ Legal Team Walks out Amid Terra Crisis
