South Korea Plans A Key Arrest Relating To Terra (LUNA) Crisis
16 Febbraio 2023 - 12:28PM
NEWSBTC
The implosion of Terra (LUNA) was one of the devastating events in
the crypto space last year. Investors lost most of their funds
worth billions of dollars, and other crypto asset prices plunged
drastically. Subsequently, South Korean prosecutors have been
investigating the crisis. As a result, they have arrested what is
said to be a significant player relating to the collapse of the
Terra (LUNA) ecosystem. Related Reading: Bitcoin Price Surges To
$25K, Dips Turn Attractive In Medium-term Prosecutors To Arrest
Former CEO Of TMON Recently, South Korean prosecutors filed an
arrest warrant for the former CEO of an e-commerce giant, TMON, who
was identified as ‘Mr. A’. A local news outlet, Dong-AIlbo,
reported this recent move from the Seoul Southern District
Prosecutor’s Office. The statement alleges that the former
executive received bribes in Terra (LUNA) tokens worth billions of
South Korean won. The funds were meant to facilitate the
introduction of LUNA as a payment option on the TMON platform.
Also, a broker, whose name is withheld, was implicated in the
bribery incident and will be arrested. The report noted that the
review for the arrest warrant would be on February 17. The
prosecutors think that the management of Terra made grave mistakes
in their handling of the operations of the crypto asset. They
believed that the co-founder of Terraform Labs, Daniel Shin, could
have approached the former TMON CEO with an inappropriate request.
Their deal centered on promoting the Terra (LUNA) by including the
token as part of the payment options on the e-commerce platform.
Notably, Shin is the co-founder of TMON and could have manipulated
his request. The former executive of TMON is believed to have
received some LUNA coins as a bribe for the request. Further probe
into the issue disclosed that the former executive of TMON cashed
out the LUNA tokens believed to be worth billions of South Korean
won. Following the alleged bribery, the former TMON CEO ensured
that TMON released several advertisement articles on Terra. It also
introduced using LUNA as a payment method on the platform. Related
Reading: Is The Biden Administration Behind Attack On Crypto? The
entire stage management for Terra expanded the token’s perception
in the crypto space and spiked demand for LUNA. Subsequently, many
crypto exchanges started listing Terra (LUNA) due to increasing
user demand and a rising token price. South Korea And Crypto
Regulation After Terra (LUNA) Fiasco South Korea has recently taken
a stricter stance in its crypto regulatory approach since the Terra
collapse. To this end, the South Korean Financial Services
Commission (FSC) released new guidelines defining tokens as
securities to help securities companies and token issuers
understand the class of their services. According to the regulator,
security tokens are those digitized with distributed ledger
technology. This classification for security tokens places South
Korea in sync with the rules in other countries within the Asian
region. Most firms with security licenses embrace the regulatory
clarity from the South Korean regulator. However, a prominent and
large securities firm in the country, Shinhan Investment and
Securities, has thrown an open invitation for an alliance with
others. Shinhan cited the benefits of token securities for
investors while complying with the set standards in token issuance
and trades. Featured image from Pixabay, Chart from TradingView.com
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