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Breaking: South Korea Seeks Major Arrest In Terra-LUNA Crisis

South Korean prosecutors seek to arrest former CEO of ecommerce giant TMON in relation to the Terra-LUNA crisis.
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Breaking: 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.

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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

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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