Fun

News Feed - 2023-07-11 12:07:33

Turner Wright8 hours agoLegal proceedings start for Terraform Labs co-founder in South Korea: ReportTerra co-founder Do Kwon is currently in custody in Montenegro, while Daniel Shin’s trial preparations in South Korea are reportedly underway.2823 Total viewsListen to article 0:00NewsJoin us on social networksTerraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, has reportedly had his first hearing for charges related to allegedly illicit profits from the sale of Terra (LUNA).


According to a July 10 report from News1 Korea, a trial preparation hearing for Shin and seven alleged accomplices began in a Seoul Southern District Court following his indictment in April. Prosecutors have reportedly said they deceived investors and manipulated the price of certain tokens through media coverage and transactions starting in 2018, resulting in “unfair profits” of roughly 462.9 billion Korean won — more than $354 million at the time of publication.


Shin reportedly sold roughly $118 million worth of LUNA prior to the price of the token crashing in May 2022. He later went on to found the fintech firm Chai Corporation, where he reportedly employed similar tactics to illicitly profit from investor funds.


The attorney for Shin has previously denied reports suggesting he “sold Luna at a high point and realized profits or that he made profits through other illegal methods.” Shin’s LinkedIn profile showed he had not been involved with Terra since January 2020, but this information would seemingly not include any investments with the company’s stock or tokens.


Related:$176M of Do Kwon’s assets are frozen: Report


Do Kwon, one of the other co-founders of Terra, was arrested in Montenegro in March for allegedly using forged travel documents. In June, authorities sentenced him to four months in prison, but he could face extradition to either the United States or South Korea upon the completion of his sentence — South Korean prosecutors issued an arrest warrant for Kwon in September 2022 for allegedly violating the country’s capital markets laws.


Terra collapsed in May 2022, the first in a line of dominos that resulted in a crash of the crypto market. The platform’s algorithmic stablecoin, USTC, depegged from the U.S. dollar, prompting authorities to investigate Kwon’s and Shin’s alleged involvement in any illicit transactions prior to and amid the crash.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Alameda’s $38B IRS bill, Do Kwon kicked in the assets, Milady frenzy: Asia Express# Law# South Korea# Court# Terra# RegulationAdd reactionAdd reactionRelated NewsWhat is NFT rarity, and how to calculate it?The Supreme Court could stop the SEC’s war on cryptoWhy a Bitcoin ETF approval would be a big dealDo Kwon denies forging passport, blames ‘Chinese’ agency: ReportJudge denies motion from Binance regarding allegedly ‘misleading’ SEC statementsNevada financial regulator petitions court to place Prime Trust into receivership

News Feed

Tom Mitchelhill3 hours agoRejection of crypto bill exposes Aussies to ‘unregulated market’ — Senator BraggAustralian Senator Andrew Bragg says a rejection of his crypto bill would drive investment away from the cou
ECB Calls for Urgent Regulation of Stablecoins and Defi, Won’t Rule Out Bitcoin Mining Ban
ECB Calls for Urgent Regulation of Stablecoins and Defi, Won’t Rule Out Bitcoin Mining Ban A new report by the European Central Bank (ECB), presented as a “deep dive into
Bitcoin whale transactions hit highest level in 4 months amid crypto dip
Martin Young5 hours agoBitcoin whale transactions hit highest level in 4 months amid crypto dipSantiment found that wallets holding between 10 and 1,000 BTC “rapidly accumulated” as Bitcoin fell under $50,000 during
Analysts Warn of Regulatory Risks if Russia Is Able to Use Crypto to Evade Sanctions
Analysts Warn of Regulatory Risks if Russia Is Able to Use Crypto to Evade Sanctions Russia could turn to cryptocurrency if it is banned from the SWIFT payments system. Analysts ha
Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take
Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in "Stark Contrast" to Path Fiat Currencies Take Fidelity Digital Assets, a subsidiary of Fidelity Investment
Investcorp announces real-world asset tokenization fund
Vince Quill6 hours agoInvestcorp announces real-world asset tokenization fundInvestcorp’s Strategic Capital Group currently has $1.5 billion in assets under management and will handle the collaborative deals.555 Total
Ana Paula Pereira6 hours agoBitstamp halts ETH staking in the United StatesThe crypto exchange is ending staking services for U.S.-based users on Sep. 25; the decision comes a few weeks after Bitstamp halted trading for
NFT Marketplace Looksrare Launches Version 2, Cutting Protocol Fees by 75% and Introducing Bulk Purchases
NFT Marketplace Looksrare Launches Version 2, Cutting Protocol Fees by 75% and Introducing Bulk Purchases Looksrare, the non-fungible token (NFT) marketplace, has launched version
Ana Paula PereiraJul 15, 2023‘Multichain was a big blow,’ says Andre Cronje as Fantom TVL slumpsFantom’s TVL dropped from over $364 million in early May to about $70 million on July 14. At its peak in 2022, Fantom
David Attlee46 minutes agoMistake or money laundering? User pays $1.6 million for CrypToadz NFTThe purchase was funded from a digital wallet, which has been a part of the chain of transactions, anonymized by the Ethereum
9 Trillion vs. 100 Trillion: Billionaire Mike Novogratz Asks Which Cryptocurrency Will Win the Payments Race
9 Trillion vs. 100 Trillion: Billionaire Mike Novogratz Asks Which Cryptocurrency Will Win the Payments Race On December 31, billionaire investor Mike Novogratz
Amaka Nwaokocha13 hours agoUS judge rules in favor of human ingenuity, denies copyright for AI artThis ruling shifts the conversation on AI and copyright, underscoring the significance of human creativity in intellectual