{"id":512347,"date":"2022-11-19T07:45:00","date_gmt":"2022-11-19T04:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/south-korea-seizes-104m-from-terra-co-founder-suspecting-unfair-profits\/"},"modified":"2022-11-19T07:45:00","modified_gmt":"2022-11-19T04:45:00","slug":"south-korea-seizes-104m-from-terra-co-founder-suspecting-unfair-profits","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/south-korea-seizes-104m-from-terra-co-founder-suspecting-unfair-profits\/","title":{"rendered":"# South Korea seizes $104M from Terra co-founder suspecting unfair profits"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a413c0816db1\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a413c0816db1\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/south-korea-seizes-104m-from-terra-co-founder-suspecting-unfair-profits\/#%E2%80%9D_South_Korea_seizes_104M_from_Terra_co-founder_suspecting_unfair_profits_%E2%80%9C\" >&#8221; South Korea seizes $104M from Terra co-founder suspecting unfair profits &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_South_Korea_seizes_104M_from_Terra_co-founder_suspecting_unfair_profits_%E2%80%9C\"><\/span>&#8221; South Korea seizes $104M from Terra co-founder suspecting unfair profits &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNDI0Y2RhM2YtMThjMi00NmRjLTgwNGQtYzQ5Y2I2OWY0NmE5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-887bb764>While crypto exchange FTX stole the limelight from other fallen ecosystems, South Korean authorities continue their efforts to bring closure to the victims of the year\u2019s first crypto crash \u2014 Terraform Labs. Nearly six months after the Terra (LUNA) blockchain was officially halted, South Korean authorities froze <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately $104.4 million (140 billion won) from co-founder Shin Hyun-seong based on suspicion of unfair profits.<\/p>\n<p>The decision to freeze Shin\u2019s asset worth over $104 million was approved by the Seoul Southern District Court, which was based on a request from the prosecutors. The claim related to Shin\u2019s involvement in selling pre-issued Terra (LUNA) tokens to unwary investors.<\/p>\n<p>Based on suspicion of profiting from unwarranted LUNA sales, the district court froze the allegedly stolen funds until further investigations are underway, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.ytn.co.kr\/_ln\/0103_202211171314541217\">reported<\/a> local <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a> YTN. <\/p>\n<p>\u201cReports that CEO Shin Hyun-seong sold Luna at a high point and realized profits or that he made profits through other illegal methods are not true,\u201d Cointelegraph previously quoted Shin\u2019s attorney.<\/p>\n<p>The preindictment preservation of the funds is a way of preventing bad actors from disposing of stolen funds and causing more financial damage or losses for the investors. <\/p>\n<p>Shin is currently being investigated by South Korean authorities on two charges \u2014 making unfair profits from issuing in-house tokens LUNA and TerraUSD (UST) and leaking customer transaction information of Chai \u2014 a Korean payment app linked to Terra \u2014 to Terraform Labs.<\/p>\n<p>On November 14, the South Korean prosecutors requested the accused co-founder appear in court as part of an investigation into the firm&#8217;s collapse.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Terra Labs, Luna Guard commission audit to defend against allegations of misusing funds<\/em><\/strong><\/p>\n<p>In the first week of November, the prosecutors accused Terra co-founder Do Kwon of manipulating Terra\u2019s price.<\/p>\n<p>&#8220;It&#8217;s highly disappointing to see the Korean prosecutors continue to try to contort the Capital Markets Act to fit their agenda and push baseless claims. Prior judicial decisions and statements by the Korean financial authorities, including the FSC, establish that cryptocurrency tokens are not investment contract securities,&#8221; said Terraform Labs spokesperson in a written statement to Cointelegraph.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/south-korea-seizes-104m-from-terra-co-founder-suspecting-unfair-profits\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; South Korea seizes $104M from Terra co-founder suspecting unfair profits &#8220; While crypto exchange FTX stole the limelight from other fallen ecosystems, South Korean authorities continue their efforts to bring closure to the victims of the year\u2019s first crypto crash \u2014 Terraform Labs. Nearly six months after the Terra (LUNA) blockchain was officially halted,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":512348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvNDI0Y2RhM2YtMThjMi00NmRjLTgwNGQtYzQ5Y2I2OWY0NmE5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[122378,74892,117,71433,73157,70934],"class_list":["post-512347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-terra","tag-tokens","tag-business","tag-court","tag-investigation","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/512347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=512347"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/512347\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/512348"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=512347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=512347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=512347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}