NewsletterProsecutors: Terra’s Do Kwon Still Have Bitcoin In Swiss Bank, Indicts Daniel Shin
South Korean prosecutors indicted 10 people including Terra co-founder Daniel Shin on Tuesday related to the Terra-LUNA crisis. Prosecutors froze $185 million in assets as part of the investigation, with Bitcoin worth millions remaining in a Swiss bank.
The action came after a South Korean court on Monday dismissed prosecutors’ appeal to confiscate Daniel Shin’s properties and his arrest for violating the Capital Markets Act.
Terra Founders Do Kwon and Daniel Shin Faces Prosecutors’ Wrath
The Seoul Southern District Prosecutor’s Office indicted Terra co-founder Daniel Shin and seven others without detention for multiple charges including fraud, breach of duty, and embezzlement. While two were indicted for breach of trust, reported Korean news agency Yonhap on April 25.
Shin and others pocketed nearly $300 million won in illegal profits from Terra ecosystem tokens by marketing and promoting these cryptocurrencies.
In a press conference after the prosecution indicted 10 people, head prosecutor Dan Seong-han said the prosecutor’s office will continue to track Bitcoin holdings and transactions by TFL and LFG. Do Kwon still have Bitcoin worth millions in a Swiss bank, after converting some into cash last year.
Earlier, the U.S. SEC revealed that Do Kwon cash out about $100 million worth Bitcoin from a Swiss bank. Some amount was transferred to Kim & Chang law firm for paying legal fees.
Meanwhile, Do Kwon was detained and indicted in Montenegro for passport forgery. Daniel Shin and others were behind the structuring of the TerraUSD and LUNA cryptocurrencies, causing $60 billion wipe-out in the Terra-LUNA crisis.
Prosecutors are also seeking the extradition of Do Kwon from Montenegro. The U.S. prosecutors also indicted Terra and Do Kwon for fraud and seek extradition. The extradition will take months as court proceedings for extradition haven’t started yet.
Terra (LUNA) and Terra Classic (LUNC) prices remains under pressure after Do Kwon’s arrest and prosecutors’ office continued action against Daniel Shin and related entities. LUNA price trades at $1.24, while LUNC price is at $0.000109, down 1% in the last 24 hours.
Also Read: Paradigm Files Amicus Brief in US SEC Lawsuit Against Terra and Do Kwon
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