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Warrant Issued Against TMON CEO In Terra Investigation In South Korea

Published 02/15/2023, 02:09 PM
Updated 02/15/2023, 02:30 PM
Warrant Issued Against TMON CEO In Terra Investigation In South Korea
LUNAt/USD
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  • 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.

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

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