Cryptocurrency

Terra (LUNA) Founder Do Kwon Issued “Notice upon Arrival” By Korean Ministry of Justice: Details

As a report has it, the Seoul Southern District Prosecutor’s Joint Financial Crimes Investigation Team director, Dan Sung-han, has asked the Ministry of Justice to issue a “notice upon arrival” for Do Kwon, the founder and CEO of Terraform Labs, the company behind the development of the collapsed TerraUSD (UST) and Terra (LUNA). He currently resides in Singapore.

Dan Sung-han also requested a departure ban for Timon Board Chairman Shin Hyun-Seong, who also co-founded Terraform Labs. Current and former executives of the firm are also not left out of the investigation. According to the report, the request has been approved by the Ministry of Justice.

We Are On Twitter: Follow Us

The South Korean prosecutors, which are investigating the collapse of TerraUSD (UST) and Terra (LUNA), have reportedly launched a forced investigation into the issuer of the tokens, Do-Hyung Kwon.

Do Kwon’s Accusations

Going by the report, Terraform Labs CEO Do Kwon is accused of issuing cryptocurrencies without letting investors know that the prices of the digital currencies, UST and LUNA, could crash.

Kwon and others involved in the development of UST and LUNA are also accused of violating the pseudo-receipt law of ‘blocking’ the investment by telling investors to buy LUNA tokens and stake them for the interest of about 20%.

Read Also: Hacktivist group Anonymous Vows to Expose Do Kwon over Terra (LUNA) Collapse: Details

Although the Co-founder Shin Hyun-Seong was also accused of the same, his position was not related to the current situation because he ended the partnership with Kwon in March 2022, the report stated.

On the 20th of July, prosecutors seized and searched 15 places, including Shin’s home and seven local crypto exchanges. At the moment, prosecutors are analyzing the transaction details of UST and LUNA via a search and seizure in the domestic exchange.

According to the report, early investors and affiliates of Terraform Labs (TFL) were also included in the search and seizure targets. Once the analysis of the confiscated material is complete, officials will commence the investigation.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

Recent Posts

Ripple President Shares When RLUSD Will Launch

Ripple's RLUSD stablecoin has entered beta testing, with a broader release anticipated upon regulatory clearance.…

53 minutes ago

Analyst Predicts New ATH for the Dogecoin Price in Few Days, Points to Altcoin Competitor Eyeing 42,120% Rise

The Dogecoin price is again making waves, with analysts predicting a new all-time high (ATH)…

4 hours ago

Chartist Predicts 5 XRP Price Milestones If Bitcoin Hits These Bullish Points

Experienced crypto analyst EGRAG has projected that XRP could reach remarkable price levels if Bitcoin…

6 hours ago

Shiba Inu News: SHIB Burns Skyrocket 1800%, Cardano Aims For $1 As Price Surges 60%, While Yeti Ouro Tops Presale Charts

In the ongoing bull market, memecoins have provided the best opportunities, and to keep its…

7 hours ago

Are $1 SHIB, $600 SOL, and $10 XRP Possible? This XRP Alternative Could Deliver 5000% Gains Instead!

Cryptocurrency enthusiasts are buzzing about the potential for massive gains in popular tokens. There's speculation…

10 hours ago

Pro-XRP Lawyer States Two Key Reasons Why Bitcoin Will Sustain Rally

Attorney Jeremy Hogan, a prominent figure in the XRP community, recently outlined two key developments…

11 hours ago