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South Korea’s prosecutors investigating the Terra-LUNA disaster filed an arrest warrant towards a former CEO of e-commerce big TMON on Wednesday. Prosecutors stated the previous TMON CEO accepted bribes in Terra (LUNA) price billions in South Korean gained to introduce LUNA as a fee technique on the e-commerce platform.

The Seoul Southern District Prosecutor’s Office on February 15 requested an arrest warrant towards a former CEO of TMON and a dealer on fees of bribery, reported an area information media. The arrest warrant will probably be reviewed on February 17.

Prosecutors consider the previous TMON CEO obtained an improper request from Daniel Shin, co-founder of Terraform Labs, to introduce Terra (LUNA) as a easy fee technique on the e-commerce platform and advertise extensively. The CEO is accused of receiving LUNA tokens as a bribe. Daniel Shin can also be the co-founder of TMON.

Investigations into the matter additional revealed that the previous TMON CEO made billions of gained by cashing out the LUNA tokens. Massive ads and articles on Terra made individuals consider it was a ‘safe asset’ and invested their cash within the token. Moreover, the rise in demand from buyers led crypto exchanges to record LUNA.

South Korea Seeks Arrest of Terra CEO Do Kwon

Furthermore, prosecutors search to research whether or not it has any half in unlawful actions within the monetary sector. South Korea grew to become one of many prime crypto markets in a brief interval, which additionally raised crypto crimes within the nation. According to a authorities report final 12 months, crypto contributes 75% to unlawful overseas change transactions in South Korea.

Meanwhile, South Korean authorities search to arrest Terraform Labs’ co-founder Do Kwon for the Terra-LUNA disaster. South Korean prosecutors have tracked Do Kwon in Serbia and lately visited the nation to seek out his present location.

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Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his information about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency business for a considerable interval and is at present protecting all the most recent updates and developments within the crypto business.

The offered content material might embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.