Claim $500Breaking: South Korea Seeks Major Arrest In Terra-LUNA Crisis
South Korea’s prosecutors investigating the Terra-LUNA crisis filed an arrest warrant against a former CEO of e-commerce giant TMON on Wednesday. Prosecutors said the former TMON CEO accepted bribes in Terra (LUNA) worth billions in South Korean won to introduce LUNA as a payment method on the e-commerce platform.
The Seoul Southern District Prosecutor’s Office on February 15 requested an arrest warrant against a former CEO of TMON and a broker on charges of bribery, reported a local news media. The arrest warrant will be reviewed on February 17.
Prosecutors believe the former TMON CEO received an improper request from Daniel Shin, co-founder of Terraform Labs, to introduce Terra (LUNA) as a simple payment method on the e-commerce platform and promote it extensively. The CEO is accused of receiving LUNA tokens as a bribe. Daniel Shin is also the co-founder of TMON.
Investigations into the matter further revealed that the former TMON CEO made billions of won by cashing out the LUNA tokens. Massive advertisements and articles on Terra made people believe it was a ‘safe asset’ and invested their money in the token. Moreover, the rise in demand from investors led crypto exchanges to list LUNA.
South Korea Seeks Arrest of Terra CEO Do Kwon
Furthermore, prosecutors seek to investigate whether it has any part in illegal activities in the financial sector. South Korea became one of the top crypto markets in a short period, which also raised crypto crimes in the country. According to a government report last year, crypto contributes 75% to illegal foreign exchange transactions in South Korea.
Meanwhile, South Korean authorities seek to arrest Terraform Labs’ co-founder Do Kwon for the Terra-LUNA crisis. South Korean prosecutors have tracked Do Kwon in Serbia and recently visited the country to find his current location.
Also Read: Elon Musk Declaring New CEO Pumps Dogecoin, Floki Inu, Shiba Inu Prices
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Universal Exchange Bitget Partners UNICEF to Equip Youths to Thrive in the Digital Economy
- Will Crypto Market Crash as Over $27B in Bitcoin, ETH, XRP, SOL Options Expire Today?
- Trust Wallet Hack Update: CZ Speaks Out on $7M Loss, Promises Support
- Trust Wallet Hack: Users Hit as Hacker Drains BTC, ETH, BNB
- Binance Founder CZ Reacts as BNB Chain Dominates Ethereum, Solana In This Metric
- FUNToken Price Surges After MEXC Lists $FUN/USDC Pair
- Bitcoin Price on Edge as $24B Options Expire on Boxing Day — Is $80K About to Crack?
- Crypto Market Rebounds: Are Bulls Positioning for a Santa Rally?
- XRP, Bitcoin, Ethereum Price Predictions Ahead of Jan 2026 CLARITY Act and US Crypto Reserve Plans
- Pi Network Analysis: Pi Coin Price Surges on Christmas Eve, Can It Hit Year-End Highs?
- Why Dec 26th Is A Do Or Die for Bitcoin Price Ahead Of Record Options Expiry?
