Daniel Shin May Face Charges Of Fraud

South Korean prosecutors may charge Daniel Shin, co-founder of Terraform Labs, with fraud.

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He allegedly promoted Terra-Luna stablecoin as a payment method, despite multiple warnings from financial regulators.

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According to local media outlet YTN, in 2018 Shin repeatedly stated that the Terra stablecoin will be available as a payment method on the e-commerce platform for South Korean users.

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Whereas Financial Supervisory Service informed Shin several times that virtual assets cannot be registered as a payment method under the Electronic Financial Transactions Act.

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Seoul Southern District Prosecutors Office confirmed the YTN report to Forkast, that Daniel Shin may face charges of fraud under the Capital Markets Act.

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Since May, South Korean authorities have been investigating the failure of Terra-LUNA.

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Terra collapse affected hundreds of thousands of investors around the world.

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