‘Nothing to do with the crash’ Terra-Luna Co-Founder Daniel Shen Post-Trial Seeking Warrant for His Arrest By DailyCoin


‘Nothing to do with meltdown’ Terra-Luna co-founder Daniel Shen after trial seeking warrant for his arrest
  • South Korean investigators have requested an arrest warrant for Terraform Labs co-founder Daniel Shin.
  • The crash of Terra in May contributed to the deteriorating market conditions that devastated the cryptocurrency space.
  • Shin denied his involvement in Terra’s breakdown and continued to expose his relationship with her.
  • The co-founder has been facing trial for the past few weeks.
  • Sheen allegedly made illegal profits with LUNA worth more than $104 million USD.
  • Using the personal information of Chai Corporation customers, he allegedly promoted Terra cryptocurrency.
  • Prosecutors succeeded in freezing Shin’s assets, which amounted to about $104 million, in mid-November.

South Korean investigators have approached the court to request an arrest warrant for Terraform Labs co-founder Daniel Shin, along with seven engineers and other investors in the company, after they were suspected of making illicit profits prior to the ecosystem’s massive collapse.

Remember, Terra co-founder and Shin’s colleague Do Kwon is currently facing trial over the project’s collapse. It should be noted that the Terra ecosystem collapse that emerged last May contributed to the deteriorating market conditions plaguing the cryptocurrency space. Investors lost millions of assets due to the crash, prompting several global investigators to step in.

However, amid the ongoing investigation of the case, Shin continued to expose his connection to Project Terra and denied his involvement in its collapse.

“I left two years before Terra and Luna collapsed and I had nothing to do with the collapse,” the co-founder insisted.

Shin continuous probe in South Korea

Last July, investigators broke into Daniel Shen’s home over the indictment of Terra Collapse co-founder, and later this month, they took him into custody. The co-founder has since been facing trial.

According to investigators, Daniel Shin allegedly collected more than $104 million worth of illegal profits from the LUNA project. Moreover, it was reported that he collected the profits even before the official issuance of the cryptocurrency without any prior disclosure to the investors.

Moreover, the local prosecutors also charged the Terra co-founder with breach of duty. He allegedly used the personal information of customers at Chai Corporation, the payments technology company he founded, to promote Terra cryptocurrency.

Moreover, in mid-November, prosecutors obtained court approval to freeze about $104 million in assets owned by Sheen. According to the Seoul South District Court in South Korea, Shin illegally accumulated these assets through the LUNA cryptocurrency.

Meanwhile, in the latest development, South Korean investigators have approached the court to obtain an arrest warrant for the embattled co-founder, Do Kwon. For now, investigators are still tracking Kwon. However, the court is scheduled to hear the application on Friday, with Sheen taken into custody.

on the flip side

  • South Korea isn’t the only country investigating Terra’s collapse. Recently, the US District Court in Northern California also initiated a class action lawsuit against Do Kwon and Terraform.

Why should you bother

As crypto crimes ravage space, lawmakers are showing a tough stance to bring down the perpetrators. A series of crackdowns is underway against Sam Bankman Fried in light of the recent FTX debacle. This latest action by the South Korean authorities is another example of their tough approach to criminals in the cryptocurrency industry.

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Terra (LUNA) founder Do Kwon says prison isn’t that bad

The $90 million Hack of Terra’s Mirror protocol went unnoticed for seven months

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