According to officials, Shin Hyun Sung allegedly made about $105 million from the unauthorized sale of Terra/LUNA coins just several days ahead of Terra’s demise. Co-founder of Terra, Hyun-sung, is asked for assistance by South Korean prosecutors.
According to reports, Terra/Luna trading platform co-creator Shin Hyun-sung, likewise recognized as D. Shin, has been called to testify as a stage of an inquiry into the company’s demise in South Korea.
The Financial and Securities crime joint investigation
The southern Seoul part authority’s official establishment informed the Hankyoreh newspaper on the 14th of November that Shin would be charged this week.
He was known for holding a large number of LUNA tokens without the acknowledgment of the state and was known to make a profit of about one hundred and five billion dollars at the moment of the report publication. All his profits were considered to be illegal.
They allegedly claimed to have acquired them from the selling before the business files for bankruptcy.
Reports that CEO Shin Hyun Sung made a profit by selling Luna at a high price, or that he got money in other prohibited ways, are simply not true, as stated by the Shin’s attorney.
Shin’s LinkedIn personal page, which lacks any information regarding his investment in the business, indicates that he has never been associated with Terra/Luna crypto trading platform since the beginning of 2020. The following year, Singh established Chai Corporation, the CEO of which he is today.
The legal investigation goes on
Though his companion, Terra co-creator Do Kwon has likewise reportedly come under investigation by law enforcement as a result of numerous international inquiries into the company, Shin still resides in South Korea.
Kwon repeatedly insisted that he was not on the run, despite reports of his whereabouts spreading from Singapore to other nations after Terra’s fall.
Due to a directive from the Korean Ministry of Foreign Affairs in October, Kwon’s passport is reportedly invalid wherever he is.
The co-founder of Terraform is the subject of stakeholders’ lawsuits, inquiries by international law enforcement, and social media comments from numerous cryptocurrency users who lost money as a result of Terra ‘s demise.