Prosecutors to Summon Shin Hyun-sung, Co-founder of Terra and Luna, for Investigation This Week
[Asia Economy Reporter Yoo Byung-don] The prosecution investigating the Terra and Luna crash incident has summoned Shin Hyun-sung, the Chief Executive Officer of Chai Corporation, as a suspect for questioning.
On the 14th, the Joint Investigation Team for Financial and Securities Crimes at the Seoul Southern District Prosecutors' Office (Head Dan Sung-han) and the Financial Investigation Division 2 (Chief Prosecutor Chae Hee-man) announced that they have notified CEO Shin, who co-founded Terraform Labs with CEO Kwon Do-hyung, to appear before the prosecution this week.
CEO Shin is suspected of illegally profiting approximately 140 billion KRW by holding the cryptocurrency Luna, which was issued before starting the business, and selling it after its price skyrocketed.
The prosecution considers Luna and other cryptocurrencies to have securities characteristics and is reportedly reviewing applying charges under the Capital Markets Act, including fraudulent and unfair trading, to CEO Shin for judicial processing.
CEO Shin is also accused of breach of trust for causing damage to the company by using customer information and funds held by Chai Corporation during the promotion of Luna and the stablecoin Terra.
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The prosecution believes that Terraform Labs, which designed Luna and Terra, manipulated Luna’s price through market manipulation, and is expected to focus its investigation on the extent of CEO Shin’s involvement in this process.
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