- The capital of South Korea partners with the government and successfully seizes crypto accounts from individuals.
- Cryptos largest collapse of $40 billion with the founder of Terraform labs Kwun-Do- Kwon as the key figure is investigated by the Korean police and US.
Pilot programs are considered highly advantageous because they eliminate bugs, identify key pain points and determine the product market fit. South Korea runs pilot programs mainly in its capital (Seoul city ) in massive numbers, that help the police seize exchange accounts of individual with minor crime fines.
The coin-plug is an exchange account based in south Korea but the first and mainly used is the korbit exchange to run the feasibility studies . The South Korean government allows the police to seize crypto accounts belonging to individuals and later sell them and pay traffic fines.
South Korea aimed at a total of 759,000 traffic fines and by the first half of 2022, 88% ( 668,000 ) of the plan had been achieved The Korean government selected a city called Gunpo with a population of 275,000 in the northwestern Gyeongi to execute the program.
The Korean crypo market produces a great deal of profits and has become a hub for cryptocurrency exchanges hitting over 45 million in the 2021.
South Korea investigates Do Kwon as Terraform labs crumbles
Terraform labs was founded in South Korea and is the cause of the Metoric rise in Koreas cryptocurrency market .On May 4 Terraform lab was dissolved after the sudden 40 billion blow. Its founder Do Kwon states that he cannot quantify his losses and takes responsibility for crash.
Do Kwon the 31year old cryptocurrency developer states that he is unbothered by the sudden loss of the ecosystem that he created . He is a co founder at Terraform labs and championed the stable coin Terra(USD) and Network token Terra . He claims that the korean police havent pressed any charges or taken action concerning the 41 billion loss on the flag ship project .
This has had an affect on the Terraform labs employees . They are not able to leave the country due to the departure ban placed by the country’s prosecutors . Mean while Do Kwon is in Singapore with his family and his passport is invalidated to restrict his movement . The south Korean police and the US securities and exchange commission leads a more comprehensive investigation on the failed stablecoin .