Terraform Labs founder Do Kwon sent millions in funds to a local law firm in South Korea just before the implosion of the Terra ecosystem. Kwon sent 9 billion won ($7 million) to lawyers at Kim & Chang, the largest law firm in South Korea, just before the collapse of the firm’s algorithmic stablecoin UST…
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While trying to tie in Kwon’s ill intent in prepaying the law firm, prosecutors believe that the information will help in the ongoing fraud case. South Korean prosecutors confirmed that Terraform Labs CEO Do Kwon sent 9 billion won ($7 billion) to Kim & Chang — a top South Korean law firm — right before…
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Luna Classic (LUNC), the token that powers the original but now largely defunct Terra blockchain, has seen a strong rebound from its Wednesday lows on Thursday and, as per CoinGecko, was last trading around 3.5% higher in the last 24 hours just above $0.0001250. The cryptocurrency had dipped as low as $0.00012 on Wednesday, dropping…
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South Korean legal experts are unsure if “victims” of fraud allegedly committed by Do Kwon and Terraform Labs executives will ever be able to recoup their funds – with an estimated $37 billion now “missing.” Segye Ilbo reported that South Korean prosecutors are hopeful of freezing at least $5.5 million worth of this amount. They…
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Terra users are losing another round of funds due to a breach on the new DeFi platform Terraport Finance, which launched on March 31. The algorithmic stablecoin TerraUSD (UST) collapsed almost one year ago, but some Terra-related projects are still live and trying to overcome some issues. Terraport Finance, a decentralized finance (DeFi) exchange project…
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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________… Read More: Today in Crypto: Do Kwon Converted Millions in Illicit Funds to BTC, Robinhood to Pay $10.2M in Penalties, Mt Gox Creditors Repayment Window Now Open Read more »Sign up for e-EUR…
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South Korean prosecutors have contacted Binance to request a halt on withdrawals linked to Do Kwon. South Korean prosecutors have identified 414.5 billion won ($314.2 million) in illicit assets associated with Terraform Labs co-founder Do Kwon and his associates. Out of the identified illegal assets, prosecutors have linked about 91.4 billion won ($69 million) of…
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South Korean authorities have confirmed that they have asked the crypto exchange Binance to freeze crypto belonging to the Terraform Co-founder Daniel Shin. The broadcaster KBS reported that the prosecution had “requested a freeze action from” Binance, “in relation to [cryptoassets] that appear to be owned by Shin.”… Read More: Terra Co-Founder’s Binance Funds May…
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Fiat stablecoins are too deeply rooted in exchanges for algorithmic stablecoins to rise, according to some experts. Binance’s native stablecoin — Binance USD (BUSD) — was the third-largest stablecoin pegged to the United States dollar, minted by blockchain infrastructure platform, the Paxos Trust Company, through a transfer of technology agreement between the two firms. However,…
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Shin currently faces multiple fraud charges, specifically concerning allegedly hiding risks associated with investing in the in-house tokens by Terraform Labs. A local court in South Korea denied the prosecutor’s request to issue an arrest warrant for Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin. This was the second attempt made by South…
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