The Seoul Metropolitan Police Agency said it had launched an investigation into allegations about an employee of crypto billionaire Do Kwon's Terraform Labs

The eight largest stablecoins had an aggregated market capitalisation of $154 billion at May 30 and accounted for around 96% of the total market

The move underscores the growing acceptance of digital currencies among financial institutions as they seek a wider range of investors

"We refute the popular narrative of one 'attacker' or 'hacker' working to destabilise UST," Nansen's principal research analyst Aurélie Barthère and colleagues said in the report.

The firm had raised $40 million in its previous round, a year earlier. The cryptocurrency lender and asset manager is now valued at $2 billion.

Collapses of so-called stablecoins, digital tokens that track the price of the US dollar, have raised fears about the overall cryptocurrency market

The LKB & Partners law firm filed a lawsuit against Terraform Labs co-founders Do Kwon and Daniel Shin, the Seoul-based Munwha Ilbo newspaper reported

Stablecoins are meant to offer a reliable investment option, unlike unpegged cryptocurrencies like bitcoin or ether, which are very volatile

While the US accounts for more than a third of all bitcoin mining - as measured by power consumption - China has taken the second spot, with 21.11% of the total

India's Reserve Bank tells government that cryptocurrencies could lead to a dollarisation of the economy

TerraUSD had a value of $1, with a market value of nearly $19 billion at its peak, before it plunged the whole of last week and ended at just 16 cents on Friday

Many global investment banks have been looking to offer clients more crypto related services, responding they say to demand from institutional investors