Summary: <\/p>\n\n\n\n
Terra co-founder Daniel Shin and nine others linked to the collapsed crypto company were indicted by South Korean prosecutors on multiple criminal charges, Bloomberg reported<\/a> on Tuesday. One of the charges slammed on Shin and the others include violations of the country’s Capital Markets Acts, a major policy that governs financial operations in South Korea.<\/p>\n\n\n\n Prosecutors seized $185 million (247 billion won) in assets from the suspects months after Kwon’s company imploded, wiping out at least $40 billion in investments. Investigators started probing the matter shortly after and have made numerous efforts to uncover the truth. Prosecutors previously requested Shin’s arrest but the court ruled against such a move. <\/p>\n\n\n\n Shin’s lawyers argued that he left Terra in 2020 after co-founding the project with Do Kwon. His lawyers also maintained that Shin was not involved in the company’s operations after 2020, stressing that he returned to South Korea after the collapse to cooperate with law enforcement and the investigation. <\/p>\n\n\n\n In the battle to classify the status of Terra Classic or LUNA Classic (LUNC) as it was renamed, a District Court in Seoul ruled<\/a> that the token is not a security. Prosecutors are seeking a ruling from the country’s Supreme Court over the matter. The U.S. Securities and Exchange Commission under Gary Gensler also said LUNC was a security in a lawsuit against Do Kwon<\/a>.<\/p>\n\n\n\n Authorities are unable to seize roughly $100 million in assets supposedly held by co-founder Shin thanks to Monday’s ruling over Terra’s security status. Also, investigators were not able to find any significant property owned by Kwon in South Korea<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":" 10 persons involved with crashed crypto company Terraform Labs were indicted on multiple charges on Tuesday as $185 million was seized in connection to Terra’s $40 crash which dealt “astronomical damage” to investors.<\/p>\n","protected":false},"author":55,"featured_media":581882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[108899,108424,351,108364,108548,108511],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581880"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=581880"}],"version-history":[{"count":3,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581880\/revisions"}],"predecessor-version":[{"id":581884,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/581880\/revisions\/581884"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/581882"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=581880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=581880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=581880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Terra Classic (LUNC) Not A Security Says District Court<\/h2>\n\n\n\n