South Korea Seizes $104M From Terra Co-Founder, Shin Hyun-Seong, Over Unfair Profits Allegations

Terra Co-Founder

While crypto exchange FTX stole the limelight from other fallen ecosystems, South Korean authorities continue to bring closure to the victims of the year’s first crypto crash — Terraform Labs. Nearly six months after the Terra blockchain was officially halted, South Korean authorities froze approximately $104.4 million (140 billion won) from co-founder Shin Hyun-Seong based on suspicion of unfair profits.

The decision to freeze Shin’s asset worth over $104 million was approved by the Seoul Southern District Court, which was based on a request from the prosecutors. The claim related to Shin’s involvement in selling pre-issued Terra LUNA tokens to unwary investors.

Based on suspicion of profiting from unwarranted LUNA sales, the district court froze the allegedly stolen funds until further investigations are underway, reported local news media YTN.

The preindictment preservation of the funds prevents bad actors from disposing of stolen funds and causing more financial damage or losses for the investors.

Shin is currently being investigated by South Korean authorities on two charges. First, making unfair profits from issuing in-house tokens LUNA and TerraUSD (UST) and, second, leaking customer transaction information of Chai — a Korean payment app linked to Terra — to Terraform Labs.

On November 14, the South Korean prosecutors requested the accused co-founder appear in court as part of an investigation into the firm’s collapse.

This Post Has 18 Comments

  1. Pro Nerve 6

    Hello just wanted to give you a quick heads up. The words in your post seem to be running off the screen in Safari. I’m not sure if this is a formatting issue or something to do with browser compatibility but I thought I’d post to let you know. The design look great though! Hope you get the problem fixed soon. Thanks

  2. provadent

    What is ProvaDent? In the dynamic landscape of dental care, innovation is key to improving patient experience and outcomes

  3. boostaro review

    Great beat ! I would like to apprentice while you amend your site, how can i subscribe for a blog website? The account aided me a acceptable deal. I had been a little bit acquainted of this your broadcast offered bright clear idea

  4. Fitspresso

    Rattling superb information can be found on web site.

  5. Pronerve 6

    I have learn some good stuff here. Definitely worth bookmarking for revisiting. I surprise how so much attempt you put to create this kind of magnificent informative site.

  6. Puravive

    I believe this internet site contains some really great information for everyone :D. “Anybody who watches three games of football in a row should be declared brain dead.” by Erma Bombeck.

  7. Java Burn Review

    I’ve been surfing online greater than three hours lately, yet I never found any fascinating article like yours. It is pretty price sufficient for me. In my view, if all site owners and bloggers made excellent content as you did, the net might be a lot more useful than ever before.

  8. Fitspresso

    Great web site. Plenty of useful information here. I am sending it to a few buddies ans additionally sharing in delicious. And certainly, thank you in your effort!

  9. Sight Care

    Great post. I am facing a couple of these problems.

  10. Zencortex reviews

    I conceive this site contains some really good information for everyone. “Loving someone is easy but losing someone is hard.” by Shelby Harthcock.

  11. Fitspresso

    Great website! I am loving it!! Will be back later to read some more. I am taking your feeds also.

  12. Tonic Greens, a natural health supplement, is designed to enhance immune function.

  13. Today, while I was at work, my sister stole my apple ipad and tested to see if it can survive a 25 foot drop, just so she can be a youtube sensation. My apple ipad is now broken and she has 83 views. I know this is totally off topic but I had to share it with someone!

  14. boostaro review

    You could definitely see your expertise in the work you write. The world hopes for even more passionate writers like you who are not afraid to say how they believe. Always go after your heart.

  15. zoritoler imol

    We are a bunch of volunteers and opening a brand new scheme in our community. Your site offered us with valuable info to work on. You have done a formidable process and our entire community will likely be thankful to you.

Leave a Reply

Important Link

Fund Your Deriv Account
Withdraw Funds to Your Local Currency
VIP Trading Signals
Learn To Trade

Contact Us

Follow Us

Disclaimer

Forex, Crypto, Options, and Binary Options have both large potential rewards and large potential risks. Therefore, before investing or trading any of the assets, ensure you are aware of and willing to accept the accompanying risks. Do not trade money you cannot afford to lose.

All Rights Reserved. None of the content of this website can be published elsewhere by any means without the prior consent of the owner(s). Please, check our terms & conditions and privacy policy before continuing to use this website.

This website and its owner(s) are not in any way liable for any incurred loss, whether caused by the information provided on this website or otherwise. The use of this website, including the content and information provided, is the user’s sole liability.