Tag Archives: south korea

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South Korean prosecutors have seized more than $100 million worth of assets belonging to Shin Hyun-Seong (Daniel Shin), the co-founder of Terraform Labs, for his role in the collapse of the Terra ecosystem in May.  According to reports from local publication YTN, the court approved the prosecutor’s request to freeze 140 billion won ($104 million) in profits Shin generated for selling pre-issued LUNA tokens at a high price without informing retail investors. Shin to Cooperate...

The notorious Co-Founder of Terraform Labs – Do Kwon – is said to be in Europe. He vowed to organize a conference soon and lift the curtain on his mysterious location. The South Korean, who is a primary target for Interpool, even invited law enforcement agents to participate in the event. Terra’s colossal crash in May caused multi-million investor losses and infused panic in the entire crypto space. Logically, numerous affected individuals and South Korean regulators turned...

Do Kwon – the man behind the doomed digital currency company Terraform Labs – is now set to lose his South Korean passport as authorities continue to hunt him down like a wild animal. Do Kwon Falls Deeper into Hot Water Kwon is the founder of a company that created the failed algorithmic stable coin Terra Luna, which collapsed over the summer after losing its peg and caused traders to lose billions of dollars in wealth over the course of just a few days. While stable...

South Korean prosecutors are pushing for an eight-year sentence for Lee Jung-hoon, the former chairman of crypto exchange platform Bithumb, for an alleged $70 million fraud. According to a report by the local media outlet Yonhap, prosecutors alleged that Lee had defrauded Kim Byung Gun, the chairman of Singapore-based BK Group, in a failed attempt to acquire Bithumb earlier in 2018. The Genesis As per the report, Lee convinced Kim to issue Bithumb Coin (BXA) via the BK...

Hashed CEO and an early backer of the ill-fated LUNC token, Kim Seo-joon, failed to appear before a South Korean congressional inquiry into the crash. He cited “mental conditions” as the reason for his absence from South Korea’s National Assembly’s Political Affairs Committee, which he supposedly developed since the spectacular $40 billion wipeout in May 2022. Kim Seo-joon No-Show at Hearing According to a recent report, the exec revealed to have been “under extreme stress”...

South Korea’s top monetary regulator – the Financial Service Commission (FSC) – thinks cryptocurrencies and stablecoins could facilitate money-laundering activities. As such, it will reportedly closely monitor the actions of the country’s largest crypto holders (those who own over $70,000 worth of digital assets). According to a local coverage, the Financial Intelligence Unit (a division of the FSC) will oversee the transactions of South Korea’s crypto whales. The regulator...

South Korean Prosecutors have confirmed that Do Kwon might have fled Singapore as he was believed to be in hiding there. In a text message on Thursday, reported by Bloomberg, they said reports suggesting that Kown flew to Dubai for a possible stopover before escaping to an unknown destination are “not false.” Hunt for Do Kwon  Kwon left South Korea in April, and certain reports suggested he was in Singapore until the arrest warrant was issued against him. His family and key...

It seems Do Kwon cannot catch a break. After being tied to one of the most embarrassing fiascos to ever occur within the confines of the crypto space (the collapse of Terra Luna, an algorithmic stable currency), authorities in South Korea have issued a warrant for his arrest as well as many other executives or staff members thought to have been involved in the currency’s death. Now, it looks like all his crypto assets are being frozen. They Keep Pursuing Do Kwon...

Not long ago, Live Bitcoin News reported that in the nation of South Korea, an arrest warrant had been issued for Do Kwon, the crypto executive behind the failed algorithmic stable coin Terra Luna. It appears Kwon has taken issue with the idea that he’s a wanted man, and he’s answering his pursuers without officially revealing where he’s stationed. Do Kwon Says He’s Not Running Terra Luna was something of a disaster that occurred over the summer of this year. As an...