Recent local reports have brought to light that Shin Hyun-seong, also known as Daniel Shin, co-founder of Terraform Labs, has been indicted by the Seoul Southern District Prosecutors’ Office on charges of fraud. Along with nine others, Shin is suspected of deceiving investors and accumulating around 460 billion won ($350M) before the Terra project ultimately failed.
KBS World, a regional South Korean publication, has revealed that ten individuals, including Daniel Shin, have been indicted in South Korea. Although they have not been detained, the suspects have been charged with financial law violations, embezzlement, and fraud. The South Korean authorities suspect that this group of individuals raised 460 billion won ($350M) through unlawful means linked to the Terra blockchain project.
According to the KBS report, Shin was responsible for supervising terrausd (UST) (now known as USTC) payments for four years, starting from July 2018. Prosecutors have reason to believe that false advertising was utilized during this period. Seven of the ten suspects who were indicted worked for Terraform Labs, while one was Shin’s financial broker. Although the prosecution is aiming to seize 246.8 billion won ($184.7M), the process has been far from smooth.
In a recent ruling, the court in Seoul stated that the original Terra asset, now referred to as LUNC, is not a security. As a result, the Seoul prosecutors’ office had difficulty confiscating Daniel Shin’s cryptocurrency assets due to this provision. After eleven months of investigations, the Seoul prosecutors’ office is now bringing the accused to trial. Notably, the indictment report does not mention co-founder Kwon Do-hyeong, commonly known as Do Kwon.
What do you think about Daniel Shin being indicted by the Seoul prosecutors’ office? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
Recent local reports have brought to light that Shin Hyun-seong, also known as Daniel Shin, co-founder of Terraform Labs, has been indicted by the Seoul Southern District Prosecutors’ Office on charges of fraud. Along with nine others, Shin is suspected of deceiving investors and accumulating around 460 billion won ($350M) before the Terra project ultimately failed.
KBS World, a regional South Korean publication, has revealed that ten individuals, including Daniel Shin, have been indicted in South Korea. Although they have not been detained, the suspects have been charged with financial law violations, embezzlement, and fraud. The South Korean authorities suspect that this group of individuals raised 460 billion won ($350M) through unlawful means linked to the Terra blockchain project.
According to the KBS report, Shin was responsible for supervising terrausd (UST) (now known as USTC) payments for four years, starting from July 2018. Prosecutors have reason to believe that false advertising was utilized during this period. Seven of the ten suspects who were indicted worked for Terraform Labs, while one was Shin’s financial broker. Although the prosecution is aiming to seize 246.8 billion won ($184.7M), the process has been far from smooth.
In a recent ruling, the court in Seoul stated that the original Terra asset, now referred to as LUNC, is not a security. As a result, the Seoul prosecutors’ office had difficulty confiscating Daniel Shin’s cryptocurrency assets due to this provision. After eleven months of investigations, the Seoul prosecutors’ office is now bringing the accused to trial. Notably, the indictment report does not mention co-founder Kwon Do-hyeong, commonly known as Do Kwon.
What do you think about Daniel Shin being indicted by the Seoul prosecutors’ office? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
While several top digital assets have decreased in value against the U.S. dollar over the past month, the stablecoin economy has lost $2.4 billion in value since March 31, 2023. Four of the top five stablecoins experienced net redemptions over the last 30 days, except for tether, which grew by 2.3% during that time.
On March 31, 2023, the top stablecoins by market capitalization represented $133.63 billion in value, and now the valuation is down to $131.21 billion. A total of $2.4 billion worth of stablecoins has been withdrawn from the stablecoin economy since then. Data reveals that over the past 30 days, USDC, BUSD, DAI, and TUSD have all seen redemptions. Usd coin’s (USDC) circulating supply dropped 10.2% compared to last month, and binance usd (BUSD) fell by 20.6%. Of the top five largest stablecoins, both USDC and BUSD experienced the most redemptions.
Further, DAI’s circulating supply slipped 9% lower in 30 days and TUSD’s supply decreased by 0.7%. Tether (USDT), however, grew 2.3% since last month, reaching a market capitalization worth $81.39 billion. Tether’s market valuation accounts for 61.65% of the entire stablecoin economy’s $131.21 billion value. While tether’s supply grew by 2.3%, pax dollar (USDP) rose by 33.9% since last month.
USDP now has a market valuation of approximately $1,037,832,268. Both frax dollar and Tron’s USDD experienced losses during the past 30 days; frax dollar (FRAX) shed 3.8% while USDD lost 1% of its circulating supply. Gemini’s dollar-pegged token GUSD saw its supply increase by 18.1% to $465.22 million. Liquity usd (LUSD) recorded a 2.4% rise, and magic internet money (MIM) increased by 5.9% last month. The entire stablecoin economy represents 11.02% of the crypto economy’s $1.19 trillion net value.
What does the recent decline in the stablecoin economy mean to you? Share your thoughts about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
Source From : News