Terra LUNA Executives Are Beneath Investigation for Embezzling ₩414B

• Terra CEO and different execs are accused of deceiving traders and gathering $350M.
• Authorities seized the Seoul house of Hyun-Seong and different properties.
• Property that might be confiscated from Terra’s CEO is estimated to be zero.

In response to an area report on Friday, the South Korean crypto firm Terra is beneath investigation by prosecutors over allegations of fraud and embezzlement in billions of Korean WON (KRW).

Kwon Dohyung, the CEO of Terra, and members of the agency’s administration crew are accused of deceiving traders and gathering 414.5 billion Korean WON, equal to $350 million, via the digital currencies Terra (Luna).

The prosecution estimates that Dohyung took a felony revenue of 91.4 billion KRW or $81 million. On the similar time, Shin Hyun-Seong, a co-founder and former CEO of Chai, was mentioned to have collected $137 million, whereas the remaining seven Terra staff had been accused of sharing $150 million.

As a part of the investigation, prosecutors are extensively monitoring the belongings of these concerned to confiscate the earnings they gained via Terra. The authorities have imposed a seizure on the Seoul house owned by Hyun-Seong and different properties, together with land and automobiles.

Curiously, the Terra CEO’s case seems complicated as belongings that might be confiscated and seized had been estimated to be zero regardless of gathering a whole bunch of hundreds of thousands in felony proceeds. The prosecution theorized that Dohyung had transformed a good portion of his belongings into digital currencies corresponding to Bitcoin and transferred them to abroad asset exchanges.

Consequently, South Korean authorities have requested Binance, the world’s largest trade, to forestall Dohyung from withdrawing his cryptocurrencies.

Final September, Dohyung reportedly tried to money out 3,333 models of Bitcoin (BTC), equal to just about $100 million, the day after the Korean authorities issued an arrest warrant towards him. Nonetheless, the Terra CEO denied the declare.