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South Korean authorities have accused at least ten Terraform Labs employees, including the co-founder, of violating capital markets laws.
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Co-founder Daniel Shin and sevenothers face charges of illegal trade and two others of breach of trust. Prosecutors said at the briefing that all interested parties are connected to Terra. According to the investigation, everyone was aware that the algorithm was not capable of supporting UST and LUNA binding, but they withheld this information in order to promote their product.
The prosecutor's office froze the assets of the defendants in the amount of 246.8 billion won ($184.7 million).
Company founder Do Kwon usedSwiss Sygnum Bank to legalize 10,000 BTC, according to Korean law enforcement officers. Before filing a lawsuit, he managed to withdraw about $ 100 million, including for legal fees. South Korea and the US have filed requests to freeze the remainder.
Kwon himself went into hiding for several months.Interpol before being arrested on March 23 at the airport in the Montenegrin capital. The businessman tried, according to local police, to travel in a rented private jet with a fake Costa Rican passport. The Montenegrin prosecutor's office accused the founder of Terraform Labs of using a fake passport and other identification documents.
Serbian police confiscated an apartment inBelgrade, where Do Kwon hid for six months before being caught in Montenegro. Police raided the €2.2 million duplex immediately after it became known that Do Kwon's associate Han Chang-Joon bought the apartment while on the run.