The LG31MU97 does not support 4K at 60Hz with this adapter, even though the adapter and the LG monitor both support 60Hz refresh rate. There is a handshake issue. To resolve it, you must manually set the LG monitor refresh rate to 30Hz.
Choose Apple menu > System Preferences, then click Displays. If your Mac doesn't recognize a display you've just connected, hold down the Option key to make the Detect Displays button appear, then click that button.