Terra Luna Co-Founders To Be Arrested

News Updates from LUNC: The co-founders and executives of Terra Labs seem to be getting into more and more trouble with the law. Reports say that several Terra employees, including CEO Shin, have arrest warrants from South Korean prosecutors.

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Will the co-founders of Terra go to jail?

According to reports, the Seoul Southern District Prosecutors have issued arrest warrants for four early investors and four technicians with Terra Lab. Fraud and other crimes are thought to have been done, so an arrest warrant has been made.

The prosecutor is looking into more aspects of the big fall of the Luna and TerraUSD. While Terra Daniel Shin, who is also a co-founder, is accused of fraud and market manipulation. People think that the way Anchor’s 20% interest is set up is a fraud in and of itself.

Shin is being looked for because he made more than $106 million (140 billion won) in unfair profits before Terra Luna fell apart. But it is also said that the co-founder of Terraform leaked customer information. This information was sent out by the fintech startup he started.

Luna carried securities properties?

Prosecutors in Korea have named a number of key Terra employees and early investors, but all of them are staying in Korea. The accused was pushing TerraUSD, which was supposed to be stablecoin, and Luna. They said that when Terra is deposited, they will pay interest of close to 20%.

In the report, it says that the government thinks Luna and other digital assets are like securities. But Shin has been called to court more than three times in November because he is a suspect.

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A thorough investigation was done by the agency. While Terra’s co-founder asked for his frozen properties to be paid for,

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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