The saga between Terra-Luna, its founder Do-Kwon and South Korean prosecutors looks like a never ending one. It all started in May 2022 when the Luna crypto network collapsed after which nearly $60 billion got wiped out, shaking the entire crypto industry. This resulted in Bitcoin losing nearly $300 billion in value and bringing down the entire crypto market.
Today, the South Korean prosecutors who are investigating the Terra-LUNA case have now submitted an arrest warrant against TMON’s Ex-CEO. As per the prosecutors, former TMON CEO had received billions worth Terra (LUNA) as a bribe to inculcate LUNA as a payment method on TMON. TMON is an e-commerce platform based in South Korea.
The reports claim that Daniel Shin, Terraform Labs co-founder, had requested the former TMON CEO to introduce Terra (LUNA) as a payment method and also promote it. Further investigations have disclosed that the former TMON CEO has profited billions of won by converting those LUNA tokens.
Before the crash, the Terra (LUNA) gained huge attraction from traders and investors due to extensive advertisements that made them believe that the altcoin was a safe asset. Such an increased demand also saw various crypto exchanges list Terra (LUNA).
On the other hand, the investigators are also looking deep into the matter to know if the funds were used for any illegal matters. Also the prosecutors are appealing to soon arrest Terraform Labs’ Do Kwon for his involvement in the Terra-LUNA crisis. Moreover, South Korea is known for its increasing crypto crimes in the country. Government’s 2022 report claims that crypto trading has influenced 75% illegal foreign exchange transactions in the country
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