Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Warrant Issued Against TMON CEO In Terra Investigation In South Korea

Published 2023-02-15, 02:09 p/m
© Reuters. Warrant Issued Against TMON CEO In Terra Investigation In South Korea
LUNA
-

Coin Edition -

  • CEO of e-commerce giant TMON is wanted by South Korean prosecutors.

  • The Terra-LUNA investigation led to an arrest warrant issued in TMON CEO’s name.

  • The former CEO reportedly received bribes in Terra worth billions of won.

On Wednesday, the former CEO of the massive e-commerce company TMON was subject to an arrest order issued by the South Korean prosecutors looking into the Terra-LUNA disaster. The former TMON CEO allegedly got bribes in Terra (LUNA) worth billions of South Korean won in exchange for introducing LUNA as a payment option on the e-commerce platform, according to the prosecution.

According to a local news outlet, the Seoul Southern District Prosecutor’s Office requested an arrest warrant on February 15 against a former CEO of TMON and a broker on allegations of bribery. On February 17, the arrest warrant will be examined.

Attorneys contend that Daniel Shin, co-founder of Terraform Labs, improperly requested that the former CEO of TMON offer and vigorously promote Terra (LUNA) as a straightforward payment option on the e-commerce platform. The CEO is charged with accepting LUNA tokens as payment for favors. TMON was also co-founded by Daniel Shin.

Further research into the situation showed that the former TMON CEO had profited billions of won by selling the LUNA coins. People placed their money in the token under the impression that Terra was a “secure asset” due to the extensive advertising and articles on the subject. Additionally, growing investor demand prompted crypto exchanges to list LUNA.

Additionally, prosecutors want to find out if it’s involved in any unlawful financial activity. In a short period of time, South Korea rose to become one of the leading crypto markets, which also increased the number of cryptocurrency crimes there. In South Korea, unauthorized foreign exchange transactions account for 75% of all transactions, according to a government report from the previous year.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

The post Warrant Issued Against TMON CEO In Terra Investigation In South Korea appeared first on Coin Edition.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.