Daniel Shin said he left Terra two years before the stablecoin’s collapse brought the entire crypto industry to its knees.
. However, the prosecutors’ report alleged that despite all the promises execs made about the Terra blockchain’s algorithm-based crypto operation, the entire operation was infeasible from the very beginning, and that staff knew it.
Terra was stablecoin pegged to the price of the U.S. dollar. Rather than being backed by physical assets, Terraform Labs claimed that Terra was instead algorithmically stabilized thanks to its sister crypto token called Luna. The prosecutors further alleged that Terraform Labs led a fraudulent marketing campaign to deceive investors around the world about their infeasible payments system, leading to Terraform Labs members raking in 462.9 billion won in profit.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
LUNA token is not a security, rules S.Korean court in Terra co-founder caseA district court in Seoul has categorically noted that the $LUNA doesn't constitute security and dismissed the prosecution’s appeal to confiscate the former CEO Hyun-seong Shin's property.
Read more »
Terra Co-Founder Daniel Shin, 9 Others Indicted by South KoreaSouth Korea indicted Terraform Labs co-founder Daniel Shin along with nine others on multiple charges including violations of capital markets law related to the Terra cryptocurrency project, which imploded last year.
Read more »
Terra Co-Founder Daniel Shin Indicted in South Korea: BloombergDaniel Shin, the co-founder of terra_money, has been indicted by South Korea on violations of capital markets law amongst other charges. By JamieCrawleyCD
Read more »
Terraform Labs co-founder and nine others indicted in South Korea10 former employees of Terraform Labs were indicted on multiple charges of fraud and embezzlement by the prosecutor’s office in Seoul.
Read more »
Terra's Do Kwon Wants SEC Charges Dismissed, Court Filings Show.stablekwon wants SECGov to drop the civil action against him for lack of jurisdiction. For one, UST is a currency and not a security, Kwon's lawyers say. iamsandali reports.
Read more »