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South Korean prosecutors call on Terra co-founder Shin Hyun-seong to cooperate: Report

Authorities in South Korea have reportedly requested Terraform Labs co-founder Shin Hyun-Seong, also referred to as Daniel Shin, to seem as a part of an investigation into the collapse of the agency.

In response to a Nov. 14 report from Hankyoreh, the Seoul Southern District Prosecutor’s Workplace’s Joint Monetary and Securities Crime Investigation Group announced that Shin ought to seem earlier than prosecutors someday this week. Authorities reportedly alleged that the Terra co-founder held many LUNA tokens — since rebranded Lun Basic (LUNC) — with out the data of retail buyers and earned roughly 140 billion gained — greater than $105 million on the time of publication — in earnings from unlawful gross sales earlier than the agency’s collapse.

“Studies that CEO Shin Hyun-seong bought Luna at a excessive level and realized earnings or that he made earnings via different unlawful strategies should not true,” reportedly stated Shin’s legal professional.

In response to Shin’s LinkedIn profile, he has not been concerned with Terraform Labs since January 2020 — although this doesn’t embrace info on investments within the firm. Shin went on to discovered the fintech agency Chai Company, the place he’s at present CEO.

Associated: South Korean prosecutors accuse Do Kwon of manipulating Terra’s worth

Although Shin reportedly nonetheless lives in South Korea, his fellow Terra co-founder Do Kwon was additionally a goal of prosecutors as a part of a number of investigations into the agency globally. Studies on Kwon’s location have diversified from Singapore to different international locations following the collapse of Terra, however the South Korean nationwide has repeatedly stated he isn’t “on the run.”

Wherever Kwon could also be, his passport is reportedly no different legitimate following an October order from South Korea’s overseas ministry. The Terra co-founder faces lawsuits from buyers, investigations from world authorities and the social media ire of many crypto customers who misplaced cash following the collapse of Terraform Labs.

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