NewsletterTerra Co-Founder Seeks Relief From Arrest Over $105M LUNA Sale Charges
As the legal troubles mount up for the Terra Co-founders, the accused executives made an appearance in the South Korean court. South Korean Prosecutors were seeking arrest warrants against Daniel Shin and seven other Terra associates.
Will Terra co founder get relief from arrest?
As per reports, Seoul Southern District Court launched an interrogation against Terra’s co founder in order to make a direct judgment over the arrest warrant. Prosecutors hints that the court is expected to declare the verdict by Friday night.
The accused person includes the early investors and engineers of Terraform Labs. It is expected that some of the accused were involved in the development of the its Stablecoin USTC and Luna Classic (LUNC).
Daniel Shin is accused of fraud and violating the Capital Markets Act and breach of duty. Report hints that Shin made illegal profits of more than $107 million (140 billion Korean won) using the LUNC. He was promoting the Terra stablecoin as a payment method despite receiving multiple warnings from regulators.
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
- Ripple Transfers Over $152 Million in XRP to Binance After 600M Coins Shuffle
- Chainlink Gets Major Boost Amid DTCC’s SEC Approval for Tokenized ETFs
- XRP News: Hex Trust and LayerZero Launch Wrapped XRP (wXRP) on Solana
- Breaking: Coinbase to Introduce Prediction Markets and Tokenized Stocks on Dec 17
- U.S. CFTC Scraps Outdated Crypto Market Rules, Clearing Path for Modern Oversight
- XRP Price Target $3 as Spot ETFs Continue to See Inflows
- Ethereum price prediction following $57.6M ETF Inflows – What’s Coming?
- Here’s Why Solana Price Could Explode to $150 Soon
- XRP Price Hits Crucial Support as ETF Inflows and Top RLUSD Metrics Soar
- Dogecoin Price Set to Rebound to $0.20 After Symmetrical Triangle Breakout
- Cardano Price Dips 10% as Midnight Token Launch Turns Sour
