While the FTX case is still rocking the ecosystem, news reminds us that the downfall of the Terra (LUNA) ecosystem is not entirely settled either. We learned this weekend that one of the co-founders of the project had seen his funds confiscated by the South Korean authorities.
Authorities confiscate Terra co-founder’s funds
Shin Hyun-Seong, also known as Daniel Shin, founded Terra (LUNA) alongside Do Kwon. He is also targeted by the South Korean authorities, who have seized part of his fortune. The Terra co-founder saw 140 billion won (about 100 million dollars) leave its hands over the past week, according to reports shared by local news outlet YTN.
If these funds were confiscated from him, it is because they would be, according to the authorities. from the sale of LUNA (now LUNC) which had reached a high price before the fall of Terra. The South Korean authorities explain as follows:
“[La] measure prevents a suspect to arbitrarily dispose of the proceeds of criminal activities before facing a lawsuit, so that the amount of damages can be compensated later.»
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This means that these funds will potentially be used to compensate for the victims of the fall of Terrhas. Shin Hyun-Seong is accused of having “unfairly” profited from the launch of the cryptocurrencies associated with the project. In addition, the co-founder would have revealed information on the customers of his company Chai with Terraform Labs, always according to the accusation.
Shin is of course not the only one to be targeted by consequent investigations. Do Kwon, the historic co-founder and CEO of Terra Labs, also finds himself targeted by the crossfire of accusations. But that doesn’t seem to particularly encourage him to measure, since he was recently seen improvising an interview in a live, while FTX was in the process of collapsing.
👉 To read on the same subject – Do Kwon would be in Europe and invites “cops from all over the world” to a conference
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Source: YTN
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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