'Grim Reapers' financial crimes unit revived to investigate Terra collapse

cointelegraph.com:

Legal troubles are mounting for the co-founder of failed Terra crypto project Do Kwon as the South Korean government revives the dormant "Grim Reapers of Yeoui-do" to investigate Terra’s fall.

The special investigative and prosecutorial team consists of members from various financial regulators, and is designed to prosecute securities fraud and unfair trading schemes. Potentially at risk are co-founders Do Kwon and Shin Hyun-seong, along with core members of the Terra team. Yeoui-do is the financial center of Seoul.

Today: Korea’s “Grim Reapers of Yeouido” - Financial and Securities Crime Joint Investigation Team - are back after 2.5 years. And its first target is $LUNA / @terra_money

Korean news outlet SBS News 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.

Before being disbanded, the team racked up 346 arrests from 965 cases prosecuted from