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What Terra Co-founder Daniel Shin said about $100M LUNA cashout

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What Terra Co-founder Daniel Shin said about $100M LUNA cashout

According to local reports, Terraform Labs Co-founder Daniel Shin has claimed that he did not sell LUNA at its peak, before the token’s price collapsed.

Shin reportedly held a considerable number of LUNA during the ecosystem’s collapse in May. The Co-founder, who is also known as Shin Hyun-Seung, claimed to have sold over 70% of his LUNA tokens before the token’s price spiked. However, he did not disclose gains or losses in any specifics.

South Korean authorities summoned Shin over claims that he made gains of 140 billion Korean Won (about $104 million) by improperly offloading pre-issued LUNA.

Daniel Shin’s assets worth $104 million frozen

On 17 November, South Korea’s Seoul Southern District Court granted the prosecution’s motion to seize approximately $104 million USD owned by Shin. His residence was reportedly raided by the police in July last year. However, Shin refuted these claims, adding that Chai Corporation has been independent of TFL since the first quarter of 2020.

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The reported Chai Corporation raid came after local KBS news reported that Kwon has been charged with manipulating the price of LUNA by South Korean investigators. Kwon “is now an illegal immigrant,” according to KBS news reports, and he may be hiding in Europe.

Shin has not been associated with Terraform Labs since January 2020, at least according to his LinkedIn profile, which does not mention any investments he may have made in the business. Shin then founded Chai Corporation, a financial company where he is now CEO.

Additionally, Shin was charged with utilizing client data from Chai Corporation, a payments technology firm he founded in South Korea in 2019. He did so to promote Terraform Labs without their permission.

The Terra-LUNA collapse has been frequently refuted by Shin and Chai Corporation, who maintain that they severed connections with the project in 2020.

The situation is worse for Do Kwon

According to reports, Shin is still a resident of South Korea. Do Kwon, another Terra co-founder, was also the focus of prosecutors’ attention during various global inquiries into the company. Following the fall of Terra, reports on Kwon’s whereabouts have ranged from Singapore to other nations, but the South Korean national has repeatedly stated he is not “on the run.”

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Wherever Kwon may be, his passport is apparently no longer valid as a result of a directive from the foreign ministry of South Korea in October.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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South Korean prosecutors out to arrest Terraform Labs’ co-founder Daniel Shin

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South Korean prosecutors out to arrest Terraform Labs’ co-founder Daniel Shin

  • As per Yonhap’s report, Shin claimed that he had cooperated with the investigation.
  • He is also being charged with the violation of the Electronic Financial Transaction Act.

After months of back and forth with Terra poster boy Do Kwon, prosecutors in South Korea have now turned their attention to the other culprits responsible for the crypto contagion earlier this year. 

According to a report published by Yonhap, The Seoul Southern District Prosecutors Office has stated that it is seeking an arrest warrant for Daniel Shin Hyun-seung, one of Terraform Labs’ co-founders.

Shin allegedly took illegal profits from Terra

The prosecutors are accusing Daniel Shin of reaping illegal profits totaling 140 billion won from Terraform Labs by selling $105 million worth of LUNA at its market high, without notifying the company’s investors. According to the report, this transaction took place before Terra’s collapse in May this year.

As per Yonhap’s report, Shin claimed that he had cooperated with the investigation, and news of the arrest warrant came as a shock to him. “I left (Terraform Labs) two years before the collapse of Terra and Luna, and have nothing to do with the collapse,” Shin said in a written statement to the media firm. 

Shin is also being charged with the violation of the Electronic Financial Transaction Act, over the alleged promotion of Luna using customer information and funds from Chai Corp, another one of his ventures. 

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Prosecutors want to arrest Terra’s early investors  

The Seoul Southern District Prosecutor’s Office’s Financial and Securities Crimes Joint Investigation Team, along with the Financial Investigation Division 2, have been investigating a potential violation of the Capital Markets Act, as well as the Similar Receipt Act Regulation Act. 

In accordance with the investigation, the prosecutor’s office has issued arrest warrants for three of Terraform Labs’ early investors, along with four engineers who worked on TerraUSD and Luna. 

South Korean newswire YTN reported earlier this week that Daniel Shin was being investigated for fraud. According to the report, Shin actively promoted Terra USD and Luna as a means of payment, despite warnings from South Korea’s financial authorities that the “cryptocurrency payment business is impossible”. 

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Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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Chai and TFL partnership

Terraform Labs Co-Founder Daniel Shin’s Firm Chai Reportedly Raided By Seoul Prosecutors

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Terraform Labs Co-Founder Daniel Shin’s Firm Chai Reportedly Raided By Seoul Prosecutors

Following the collapse of FTX, law enforcement officials are still dealing with the Terra blockchain fiasco. A new report claims Terraform Labs (TFL) co-founder Daniel Shin’s company Chai Corporation was raided by South Korean investigators.

Terraform Labs Co-Founder’s Company Chai Reportedly Raided by South Korean Law Enforcement

The Terra blockchain that collapsed last May was a crypto project co-founded by two individuals — Do Kwon and Daniel Shin (Shin Hyun-seung). Similar to the FTX fiasco, Shin was more of a silent partner like FTX’s co-founder Gary Wang.

A report from Forkast details that the Seoul Southern District Prosecutors’ Office has raided Shin’s company Chai Corporation. The firm Chai is a payments company that was created by TFL co-founder Shin and it has been said that Chai was closely connected to TFL operations.

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Chai Corporation founder Daniel Shin (Shin Hyun-seung) co-founded Terraform Labs with Do Kwon.

For instance, on May 28, 2022, the whistleblower Fatman published a thread about Kwon being involved in a premine project that allegedly worked in unison with Shin’s Chai. Fatman detailed that TFL premined a token called SDT and it was allegedly leveraged to cash out via Chai using the Terra blockchain’s Korean won (KRW) token.

Other reports were curious about the Chai and TFL partnership after monitoring the KRW token’s (also known as KRT) relationship with Chai. Forkast details that local reports have said Chai’s KRW token (KRT) functionality was discontinued in March 2022.

Forkast noted that South Korean prosecutors said on Monday Shin has been summoned as a suspect involving the “breach of duty and violations of the capital markets law for unfair trade practices.”

Furthermore, South Korean law enforcement reportedly raided Shin’s home this past July. Shin has denied the premine allegations and has said that Chai Corporation has been separate from TFL since the first quarter of 2020.

The alleged Chai Corporation raid follows local KBS reports that note Kwon has been accused by South Korean investigators of manipulating LUNA’s price. The KBS news reports further detailed that Kwon “is now an illegal immigrant” and possibly hiding out in Europe.

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Chai and TFL partnership, Chai Corporation, Daniel Shin, do kwon, Fatman, Fatman Accusations, Forkast, Forkast Report, KBS News, Korean Won Token, KRT, SDT, Seoul Prosecutors’ Office, Shin Hyun-seung, South Korean investigators, South Korean law enforcement, terraform labs, TFL

What do you think about the report that says Daniel Shin’s Chai Corporation was raided by South Korean authorities? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Biggest Movers: LUNC 13% Higher, As US CPI Boosts Crypto Markets

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Biggest Movers: LUNC 13% Higher, As US CPI Boosts Crypto Markets

Terra classic has been one of Thursday’s biggest gainers, as crypto markets found light in the form of the latest U.S. inflation (CPI) report, which came in at 7.7%. The token was up by nearly 14% in today’s session, as founder Do Kwon ironically gave his best wishes to FTX chief Sam Bankman-Fried. Polygon was another big mover, also rising by as much as 14%.

Terra Classic (LUNC)

Terra classic (LUNC) was one of today’s notable gainers, as the token rose by as much as 14% on Thursday.

Following a low of $0.0001667 on Wednesday, LUNC/USD raced to an intraday high of $0.0002144 earlier in the day.

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The move came as prices snapped a four-day losing streak, rebounding from a key support point in the process.

LUNC/USD – Daily Chart

Looking at the chart, the support of $0.0001610 also birthed a similar rebound on September 1, sending prices to a high of $0.0002900 at that time.

The 14-day relative strength index (RSI) rebounded from a floor of its own at 29.40, and has now moved to 37.70.

Should this momentum continue, we will likely see LUNC bulls attempt to break out of a ceiling at $0.0002150.

Polygon (MATIC)

Polygon (MATIC) also surged on Thursday, following the release of the latest consumer price index in the United States.

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MATIC/USD moved to an intraday peak of $1.08 in today’s session, less than 24 hours after trading at a low of $0.7789.

The surge sees the token climb above a key resistance level of $0.95, as it looks to recapture another at $1.20.

MATIC/USD – Daily Chart

In order to achieve this, MATIC will first need to break out of an upcoming ceiling on the RSI indicator.

The index, which is currently tracking at 56.24, is fast approaching an obstacle in the form of a wall at 57.00.

If polygon were to extend today’s momentum, it would first need to move above this upcoming point.

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Could we see polygon reach $1.20 in the coming days? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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