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

目錄

Tokenist

在 2023年4月25日發表的其他文章

Animoca’s EdTech App TinyTap Raises $8.5M to Build on Web3

Ethereum Price Analysis 25/04: Bearish Dominance Eases with Rising Trading Volume

Korean NGO Rainbow·Berry Store, delivers donations for the health item of the elderly

Batch Send Your Crypto Assets with Mass Transfer on the FTM Network

4 online platforms that can help you save your money in dollars in Nigeria

Coinbase Pursues Legal Action Against SEC for Ignoring Rulemaking Petition

訂閱免費電子報，每天收取加密貨幣最新動態！