U.S. Justice Department probes collapse of TerraUSD stablecoin

U.S. mulls more support for banks while giving First Republic time - Bloomberg News

U.S. Justice Department probes collapse of TerraUSD stablecoin - WSJ

Stock Markets Mar 13, 2023 06:18PM ET

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U.S. Justice Department probes collapse of TerraUSD stablecoin - WSJ

(Reuters) -The U.S. Justice Department is investigating last year’s collapse of the TerraUSD stablecoin, the Wall Street Journal reported on Monday, citing people familiar with the matter.

The Federal Bureau of Investigation and the Southern District of New York (SDNY) have questioned former team members of the company behind the stablecoin, the report said.

Terraform Labs did not immediately respond to a Reuters request for comment. A spokesperson for the U.S. Attorney's office for the SDNY declined to comment.

Last month, the U.S. Securities and Exchange Commission charged Terraform founder Do Kwon with defrauding investors in what the regulator deemed a multibillion-dollar scheme.

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