What's Hot

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Facebook Twitter Instagram
    Facebook Twitter Instagram
    The Bull's GazetteThe Bull's Gazette
    Members Area
    • News
      1. Markets
      2. Policy & Economy
      3. Business
      4. Tech
      Featured

      First Citizens to Buy Silicon Valley Bank

      News March 27, 2023
      Recent

      First Citizens to Buy Silicon Valley Bank

      March 27, 2023

      Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

      March 27, 2023

      Africa Moving to Crypto as Alternative to US Dollar

      March 27, 2023
    • Features
      • Opinion
    • Research
      • Publications
      • Market Analysis
      • Contribute
    • Finance & Crypto Guides
    • Consultation
    • Membership
    • Store
    The Bull's GazetteThe Bull's Gazette
    Home»News»South Korea Seizes Over $100 Million from Terra’s Co-founder 
    News

    South Korea Seizes Over $100 Million from Terra’s Co-founder 

    Anietie DavidBy Anietie DavidNovember 19, 2022Updated:November 19, 2022No Comments2 Mins Read
    South Korea Seizes Over $100 Million from Terra's Co-founder 
    Share
    Facebook Twitter LinkedIn Pinterest Email

    South Korea seizes $104M from Terra co-founder suspecting unfair profits. The seizure is intended to prevent the Terra executive from disposing of the assets before his trial this week.

    Because of his involvement in the demise of the Terra ecosystem in May, South Korean authorities have confiscated more than $100 million worth of assets belonging to Shin Hyun-Seong (Daniel Shin), the co-founder of Terraform Labs, for his role in the collapse of the Terra ecosystem in May. 

    While FTX, a cryptocurrency exchange, took the spotlight from other ecosystems that had collapsed, South Korean authorities are still working to provide closure for Terraform Labs, the year’s first major cryptocurrency meltdown. On suspicion of inflated profits, South Korean authorities froze roughly $104.4 million (140 billion Won) from co-founder Shin Hyun-seong nearly six months after the Terra (LUNA) blockchain was formally shut down.

    YTN reports that the prosecutor’s request to freeze the 140 billion won ($104 million) in profits Shin made from the sale of pre-issued LUNA at a high price without informing retail investors was granted by the court.

    Shin to Cooperate With Prosecutors 

    The request to take Shin’s assets is a part of an ongoing investigation to establish evidence against Terraform Labs that the co-founder made unauthorized gains from digital assets tied to Terra, including the collapsed LUNA and UST tokens, now known as LUNC and USTC. Authorities think Shin sold the tokens in secret before the enterprise failed, breaking local capital restrictions. His attorney allegedly refuted the charges, stating that they are untrue.

    Additionally, according to the prosecution, he unlawfully transmitted customer transaction data from his payment technology company Chai Corporation to Terraform Labs and was responsible for Terra’s crash. The court’s ruling tries to stop the Terra executive from selling the assets prior to this week’s trial.

    Authorities in South Korea are presently looking into Shin on two counts, including earning unauthorized gains by issuing internal tokens such as LUNA and TerraUSD (UST) and giving Terraform Labs access to customer transaction data through Chai, a Korean payment app connected to Terra. The suspected co-founder was ordered to appear in court on November 14 as part of an inquiry into the failure of the company by South Korean prosecutors.

    Blockchain Luna South Korea
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleTether Ditches Solana Insisting They’re Unaffected by Alameda Crisis 
    Next Article Grayscale Refuses to Provide Proof-of-Reserve Amidst Growing Concerns 
    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

    Related Posts

    First Citizens to Buy Silicon Valley Bank

    March 27, 2023

    Nasdaq Looking to Launch Crypto Custody Services in Q2 2023

    March 27, 2023

    Africa Moving to Crypto as Alternative to US Dollar

    March 27, 2023
    Add A Comment

    Leave A Reply Cancel Reply

    Top Posts

    New Crypto Mining Bill in Russia Mandates Earnings Reports

    March 10, 2023

    India Pushes Anti-money Laundering Regulation for Crypto Transactions

    March 8, 2023

    Zambia Explore Crypto Regulatory Framework 

    February 20, 2023

    Our best content, straight to your inbox.

    Disclaimer

    Capital at risk. Content on this website does not constitute financial advice. Please do your due diligence before making any investment.

    Company
    Company

    At the forefront of news and analysis for emerging markets, business, crypto and tech - TBG is redefining financial information through resources for next-generation economics.

    Facebook Twitter Instagram LinkedIn TikTok Discord
    Links
    • About
    • Contribute
    • Advertise
    • Careers
    • Membership
    • Investor Relations
    • Frequently Asked Questions

    TBG Newsletter

    © 2023 The Bull's Gazette.
    • Terms and Privacy
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.