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Today in Crypto: South Korea Probes Terraform Labs

Coinbase will invest in Southeast Asian crypto exchange Zipmex rather than buy it outright, The Block Crypto reported Thursday (June 9).

The purchase was discussed by both parties, although they instead opted for a strategic investment. This comes as Zipmex has been courting investors and trying to raise around $40 million, at a valuation of $400 million.

A Zipmex spokesman said the company was “talking to a variety of investors” about raising Series B and more funding.

“We have not finalized the lead investors or the valuation,” the spokesman said. “We cannot comment on market speculation or rumours.”

Meanwhile, a number of licensed Bermuda crypto firms are coming together to form the first digital asset industry association, Bermuda Premier David Burt announced Thursday.

He said this would be “a significant milestone in the development of Bermuda’s FinTech industry,” CoinDesk reported.

Burt also added that cryptocurrency companies are not looking for regulatory changes because they have clarity, they just want to support development, educational initiatives, and ways to improve the environment.

The area has wanted to become a hub for digital assets, which has included the trial of a digital dollar and the approval of a license for a digital asset bank, Jewel, according to the report.

In other news, cryptocurrencies are collectively down 45% since the start of the year, putting coins into a bear market for the first time since 2019, Blockworks wrote Thursday.

This has come with layoffs, as it has in bear markets in the past, with BitMEX, Gemini and others discussing job cuts for months. In an analysis, Blockchain.com CEO Peter Smith said there were numerous cryptocurrency companies that had grown too fast, though he did not name any of them.

South Korean police and prosecutors are finally investigating Terraform Labs after the destabilization incident involving the TerraUSD coin, the Financial Times reported on Thursday.

According to the Seoul Metropolitan Police Agency, there is now an investigation into claims that a Terraform employee embezzled an “undisclosed amount” of the company’s bitcoin.

In addition, there were other allegations earlier this year that “the founders of Terraform and the company misled investors with their flawed algorithmic coins,” according to the documents.

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