{"id":519853,"date":"2023-02-16T11:28:36","date_gmt":"2023-02-16T11:28:36","guid":{"rendered":"https:\/\/wncen.com\/?p=519853"},"modified":"2023-02-16T11:28:36","modified_gmt":"2023-02-16T11:28:36","slug":"south-korea-plans-a-key-arrest-relating-to-terra-luna-crisis","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/south-korea-plans-a-key-arrest-relating-to-terra-luna-crisis\/","title":{"rendered":"South Korea Plans A Key Arrest Relating To Terra (LUNA) Crisis"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The implosion of Terra (LUNA) was one of the devastating events in the crypto space last year. Investors lost most of their funds worth billions of dollars, and other crypto asset prices plunged drastically.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Subsequently, South Korean prosecutors have been investigating the crisis. As a result, they have arrested what is said to be a significant player relating to the collapse of the Terra (LUNA) ecosystem.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-surges-to-25k\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Surges To $25K, Dips Turn Attractive In Medium-term<\/a><\/div>\n<h2>Prosecutors To Arrest Former CEO Of TMON<\/h2>\n<p><span style=\"font-weight: 400\">Recently, South Korean prosecutors filed an arrest warrant for the former CEO of an e-commerce giant, TMON, who was identified as &#8216;Mr. A&#8217;. A local news outlet, Dong-AIlbo, <\/span><a href=\"https:\/\/www.donga.com\/news\/Society\/article\/all\/20230215\/117897930\/1\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">reported<\/span><\/a><span style=\"font-weight: 400\"> this recent move from the Seoul Southern District Prosecutor&#8217;s Office.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The statement alleges that the former executive received bribes in Terra (LUNA) tokens worth billions of South Korean won. The funds were meant to facilitate the introduction of LUNA as a payment option on the TMON platform. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Also, a broker, whose name is withheld, was implicated in the bribery incident and will be arrested. The report noted that the review for the arrest warrant would be on February 17.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The prosecutors think that the management of Terra made grave mistakes in their handling of the operations of the crypto asset. <\/span><\/p>\n<p><span style=\"font-weight: 400\">They believed that the co-founder of Terraform Labs, Daniel Shin, could have approached the former TMON CEO with an inappropriate request. Their deal centered on promoting the Terra (LUNA) by including the token as part of the payment options on the e-commerce platform.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, Shin is the co-founder of TMON and could have manipulated his request. The former executive of TMON is believed to have received some LUNA coins as a bribe for the request. Further probe into the issue disclosed that the former executive of TMON cashed out the LUNA tokens believed to be worth billions of South Korean won.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Following the alleged bribery, the former TMON CEO ensured that TMON released several advertisement articles on Terra. It also introduced using LUNA as a payment method on the platform.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/is-the-biden-administration-behind-attack-on-crypto\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Is The Biden Administration Behind Attack On Crypto?<\/a><\/div>\n<p><span style=\"font-weight: 400\">The entire stage management for Terra expanded the token&#8217;s perception in the crypto space and spiked demand for LUNA. Subsequently, many crypto exchanges started listing Terra (LUNA) due to increasing user demand and a rising token price.<\/span><\/p>\n<h2>South Korea And Crypto Regulation After Terra (LUNA) Fiasco<\/h2>\n<p><span style=\"font-weight: 400\">South Korea has recently taken a stricter stance in its crypto regulatory approach since the Terra collapse. To this end, the South Korean Financial Services Commission (FSC) <\/span><a href=\"https:\/\/www.fsc.go.kr\/no010101\/79386?srchCtgry=&amp;curPage=&amp;srchKey=&amp;srchText=&amp;srchBeginDt=&amp;srchEndDt=\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">released<\/span><\/a><span style=\"font-weight: 400\"> new guidelines defining tokens as securities to help securities companies and token issuers understand the class of their services.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the regulator, security tokens are those digitized with distributed ledger technology. This classification for security tokens places South Korea in sync with the rules in other countries within the Asian region.<\/span><\/p>\n<figure id=\"attachment_519855\" aria-describedby=\"caption-attachment-519855\" style=\"width: 860px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-519855 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/LUNCUSDT_2023-02-16_15-57-52.png?resize=860%2C501\" alt=\"South Korea Plans A Key Arrest Relating Terra-LUNA Crisis\" width=\"860\" height=\"501\"><figcaption id=\"caption-attachment-519855\" class=\"wp-caption-text\">LUNC is trading sideways on the chart l <a href=\"https:\/\/www.tradingview.com\/x\/C0l4FmkX\/\" target=\"_blank\" rel=\"noopener nofollow\">LUNCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Most firms with security licenses embrace the regulatory clarity from the South Korean regulator. However, a prominent and large securities firm in the country, Shinhan Investment and Securities, has <\/span><a href=\"https:\/\/open.shinhansec.com\/new_eng\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">thrown an open invitation<\/span><\/a><span style=\"font-weight: 400\"> for an alliance with others. Shinhan cited the benefits of token securities for investors while complying with the set standards in token issuance and trades.<\/span><\/p>\n<p>Featured image from Pixabay, Chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The implosion of Terra (LUNA) was one of the devastating events in the crypto space last year. Investors lost most of their funds worth billions of dollars, and other crypto asset prices plunged drastically. Subsequently, South Korean prosecutors have been investigating the crisis. As a result, they have arrested what is said to be a significant player relating to the collapse of the Terra (LUNA) ecosystem. Related Reading: Bitcoin Price Surges To $25K, Dips Turn Attractive In Medium-term Prosecutors To Arrest Former CEO Of TMON Recently, South Korean prosecutors filed an arrest warrant for the former CEO of an e-commerce giant, TMON, who was identified as &#8216;Mr. A&#8217;. A local news outlet, Dong-AIlbo, reported this recent move from the Seoul Southern District Prosecutor&#8217;s Office.\u00a0 The statement alleges that the former executive received bribes in Terra (LUNA) tokens worth billions of South Korean won. The funds were meant to facilitate the introduction of LUNA as a payment option on the TMON platform. Also, a broker, whose name is withheld, was implicated in the bribery incident and will be arrested. The report noted that the review for the arrest warrant would be on February 17. The prosecutors think that the management of Terra made grave mistakes in their handling of the operations of the crypto asset. They believed that the co-founder of Terraform Labs, Daniel Shin, could have approached the former TMON CEO with an inappropriate request. Their deal centered on promoting the Terra (LUNA) by including the token as part of the payment options on the e-commerce platform. Notably, Shin is the co-founder of TMON and could have manipulated his request. The former executive of TMON is believed to have received some LUNA coins as a bribe for the request. Further probe into the issue disclosed that the former executive of TMON cashed out the LUNA tokens believed to be worth billions of South Korean won. Following the alleged bribery, the former TMON CEO ensured that TMON released several advertisement articles on Terra. It also introduced using LUNA as a payment method on the platform. Related Reading: Is The Biden Administration Behind Attack On Crypto? The entire stage management for Terra expanded the token&#8217;s perception in the crypto space and spiked demand for LUNA. Subsequently, many crypto exchanges started listing Terra (LUNA) due to increasing user demand and a rising token price. South Korea And Crypto Regulation After Terra (LUNA) Fiasco South Korea has recently taken a stricter stance in its crypto regulatory approach since the Terra collapse. To this end, the South Korean Financial Services Commission (FSC) released new guidelines defining tokens as securities to help securities companies and token issuers understand the class of their services. According to the regulator, security tokens are those digitized with distributed ledger technology. This classification for security tokens places South Korea in sync with the rules in other countries within the Asian region. Most firms with security licenses embrace the regulatory clarity from the South Korean regulator. However, a prominent and large securities firm in the country, Shinhan Investment and Securities, has thrown an open invitation for an alliance with others. Shinhan cited the benefits of token securities for investors while complying with the set standards in token issuance and trades. Featured image from Pixabay, Chart from TradingView.com<\/p>\n","protected":false},"author":584,"featured_media":519854,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[86067,7702,87847,87848],"class_list":["post-519853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-lunc","tag-south-korea","tag-south-korean-financial-services-commission-fsc","tag-tmon"],"acf":[],"yoast_head":"\n<title>South Korea Plans A Key Arrest Relating To Terra (LUNA) Crisis<\/title>\n<meta name=\"description\" content=\"Subsequently, South Korean prosecutors have been investigating the crisis. As a result, they plan to arrest a significant player relating to the issues of the Terra-LUNA ecosystem.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/south-korea-plans-a-key-arrest-relating-to-terra-luna-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea Plans A Key Arrest Relating To Terra (LUNA) Crisis\" \/>\n<meta property=\"og:description\" content=\"Subsequently, South Korean prosecutors have been investigating the crisis. 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