- Terra’s CEO and different executives are accused of defrauding traders and embezzling 350 million. assortment of USD.
- The authorities confiscated Hyun-Seong’s residence in Seoul and different actual property.
- The belongings that may very well be seized from Terra’s CEO are estimated to be zero.
South Korean cryptocurrency agency Terra is underneath investigation by prosecutors over allegations of fraud and embezzlement involving billions of Korean gained (KRW), in response to an area report on Friday.
Kwon Dohyung, CEO of Terra, and members of the corporate’s administration workforce are accused of defrauding traders and elevating $414.5 billion via the digital foreign money Terra (Luna). Korean WON, ie 350 million
The prosecutor’s workplace estimated that Dohyung made 91.4 billion gained via felony actions. KRW or 81 million On the similar time, Shin Hyun-Seong, Chai’s co-founder and former CEO, raised $137 million. USD, and the remaining seven workers of Terra have been charged with 150 million.
As a part of the investigation, prosecutors are going after the belongings of these concerned in an intensive search to grab the income they made via Terra. Authorities seized Hyun-Seong’s residence in Seoul and different actual property, together with land and automobiles.
Apparently, the case of the CEO of Terra seems to be difficult, as there have been zero belongings that may very well be seized and seized, regardless of the gathering of a whole bunch of thousands and thousands in felony proceeds. Prosecutors stated Dohyung transformed a big portion of his belongings into digital currencies resembling Bitcoin and transferred them to overseas asset exchanges.
Because of this, the South Korean authorities requested the world’s largest trade, Binance, to forestall Dohyung from withdrawing his cryptocurrencies.
Final September, Dohyung reportedly tried to money out 3,333 Bitcoin (BTC) models, equal to almost $100 million, the day after Korean authorities issued a warrant for his arrest. Nonetheless, Terra’s CEO denied the declare.
