United

Terra

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Daniel Shin, who co-founded the now-defunct Terraform Labs with Do Kwon, was <a aria-label="indicted by South Korean prosecutors (opens in a new tab)" href="https://en.yna.co.kr/view/AEN20230425009600315" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">indicted by South Korean prosecutors</a> along with nine other individuals on Tuesday. Kwon and others are facing multiple charges, including fraud, breach of trust, and embezzlement.</p> 
<h3 id="south-korea-froze-approx-185m-in-assets-tied-to-shin-and-nine-others">South Korea Froze Approx. $185M in Assets Tied to Shin and Nine Others</h3> 
<p>South Korean prosecutors indicted Terraform Labs co-founder Daniel Shin on Tuesday on several charges, including breaking the capital markets law, the Seoul Southern District Prosecutors’ Office told the press. Apart from Shin, nine other individuals tied to the <a href="https://tokenist.com/luna-drops-50-in-a-day-as-ust-peg-fails/" rel="dofollow" class="deco-link">collapsed blockchain company</a> were also indicted.</p> 
<p>According to Bloomberg, the prosecutors froze 246.8 billion won ($184.7 million) in assets belonging to indictees. Eight of them, including Shin, were indicted for illegal trading, while two additional individuals were accused of breach of trust. The prosecutors said all the indictees were directly linked to Terraform Labs and the project’s marketing, systems development, and management operations.</p> 
<p>South Korean officials said the Terra project was a “fabrication” from its beginning, adding that the algorithm maintaining the price of the TerraUST stablecoin was impossible to fix. Prosecutors said Shin and other defendants dealt “astronomical damage” to global investors.</p> 
<p>Before the project imploded, Shin and his collaborators snatched 463 billion won in profit after exposing Terra clients’ payment information illegally and stealing corporate funds. Prosecutors are still searching for the illegal gains.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="pressure-mounts-against-do-kwon">Pressure Mounts Against Do Kwon</h3> 
<p>The indictment against Shin comes shortly after S. Korean prosecutors ramped up efforts to locate and arrest the 38-year-old, who, alongside Terra’s former CEO Do Kwon, helped establish a crypto empire that wiped out $60 billion in crypto funds in May 2022.</p> 
<p>Not long after the implosion, <a aria-label="Kwon went missing (opens in a new tab)" href="https://www.reuters.com/technology/singapore-police-says-wanted-crypto-developer-do-kwon-is-currently-not-singapore-2022-09-17/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Kwon went missing</a> and was indicted by prosecutors in late 2022 on similar allegations of violating the Capital Markets Act. In September, <a aria-label=" Interpol issued a red notice (opens in a new tab)" href="https://www.bbc.com/news/technology-63033262" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Interpol issued a red notice</a>, asking global law enforcement agencies to find and arrest the 31-year-old Kwon.</p> 
<p><a href="https://tokenist.com/montenegrin-police-confirms-arrest-of-do-kwon-along-with-terras-cfo/" rel="dofollow" class="deco-link">Kwon was arrested</a> last month in Montenegro and is currently detained there for passport forgery. According to local reports, Kwon was caught while trying to leave Montenegro on a private jet. Both South Korea and the <a href="https://tokenist.com/us-prosecutors-charge-do-kwon-with-multiple-counts-of-wire-securities-fraud/" rel="dofollow" class="deco-link">United States</a> are seeking Kwon’s extradition in connection with the Terra collapse.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><em><strong>Do you think Do Kwon is more likely to be deported to South Korea than the US? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/south-korean-prosecutors-indict-terra-co-founder-and-nine-others/">South Korean Prosecutors Indict Terra Co-Founder and Nine Others</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

South Korean Prosecutors Indict Terra Co-Founder and Nine Others

目次

Tokenist

2023年4月25日公開の他の記事

As Relaunched Terra (LUNA) Stalls, It is Time to Look at the Uwerx (WERX) Crypto Presale

The surprising shift in Bitcoin ownership: whales drop 4% as Shrimps, Crabs thrive

South Korean Court Rules Terraform Labs Co-founder Not Guilty of Security Violations

New Rules to Ease Fed Oversight of Nonbank Institutions

Crypto Trader Unveils Altcoin on Watchlist for Perp DEX, Gaming, RWA

Romania’s ICI Bucharest to Launch NFT Trading Platform

ニュースレターを購読して暗号資産の最新情報を毎日入手！