South Korean prosecutors have requested an arrest warrant for former CEO of Tmon
2023.02.15 13:13
South Korean prosecutors have requested an arrest warrant for former CEO of Tmon
By Tiffany Smith
Budrigannews.com – After taking billions of won in LUNA (LUNA), which is now known as LUNA Classic (LUNC), for promoting Terra as a simple payment gateway, South Korean prosecutors have requested an arrest warrant for the former CEO of Tmon, a Korean e-commerce platform.
The Seoul Southern District Prosecutors Office confirmed to me via text that Seoul prosecutors requested an arrest warrant for the former CEO of e-commerce giant Tmon because he allegedly received bribes from Terra cofounder Daniel Shin in exchange for promoting Terra as a payment method.
According to Dong-A Ilbo, the head of the financial and securities joint investigation team at the Seoul Southern District Prosecutor’s Office requested an arrest warrant for “Mr. A,” a former CEO of Tmon, and “broker B,” a person who worked on lobbying Terra in the financial sector, for bribery.
Mr. A is said to have received LUNC tokens from the co-founder of Terra, Shin Hyun-Seong, who goes by the name Daniel Shin. In return, Mr. A was asked to extensively promote Terra as a simple payment method. Following this, Tmon promoted LUNC and made the point that the token is a secure asset. The promotions, according to the investigators, raised investors’ expectations, which resulted in an increase in the token’s price.
After selling the LUNC tokens that were given to him in exchange for the promotions, the former CEO of Tmon is said to have made billions of won. In addition, the report pointed out that Shin reportedly gave money to Tmon and other businesses to promote LUNC as a secure payment method despite warnings from financial authorities.
Prosecutors in South Korea requested Shin’s assistance in the investigation into the Terra collapse on November 14. Before the company’s demise, the authorities claimed that Shin had illegally sold more than $105 million and held LUNC tokens without investors’ knowledge.
The case’s prosecutors have been constantly expanding their probes and focusing on other individuals involved. South Korean authorities also issued an arrest warrant for Shin, three Terra investors, and four project engineers on November 30.
