- Terra CEO and different executives are accused of deceptive traders and elevating $350 million.
- Authorities seized Hyun-Seong’s condo in Seoul and different properties.
- The property that might be confiscated from the CEO of Terra are estimated at zero.
In keeping with an area report on Friday, South Korean crypto agency Terra is being investigated by prosecutors over allegations of fraud and misappropriation of billions of Korean WON (KRW).
Kwon Dohyung, the CEO of Terra, and members of the corporate’s administration crew are accused of deceiving traders and elevating 414.5 billion Korean WON, or $350 million, by the currencies Digital Terra (Luna).
The prosecution estimates that Dohyung made a legal revenue of KRW 91.4 billion or $81 million. In the meantime, Shin Hyun-Seong, co-founder and former CEO of Chai, reportedly raised $137 million, whereas the opposite seven Terra workers have been accused of sharing $150 million.
As a part of the investigation, prosecutors are intently monitoring the property of these concerned to confiscate the income they made out of Terra. Authorities imposed a seizure on the Seoul condo owned by Hyun-Seong and different properties, together with land and vehicles.
Curiously, the Terra CEO’s case seems complicated because the property that might be confiscated and seized have been estimated to be zero regardless of gathering a whole bunch of hundreds of thousands in legal proceeds. The prosecution speculated that Dohyung had transformed a good portion of his property into digital currencies akin to Bitcoin and transferred them to abroad asset exchanges.
Subsequently, South Korean authorities requested Binance, the world’s largest alternate, to cease Dohyung from withdrawing his cryptocurrencies.
Final September, Dohyung allegedly tried to money out 3,333 models of Bitcoin (BTC), the equal of almost $100 million, the day after Korean authorities issued an arrest warrant for him. . Nonetheless, Terra’s CEO denied the declare.
