10 former employees of Terraform Labs were indicted on multiple charges of fraud and embezzlement by the prosecutor’s office in Seoul.
The financial crimes unit at the Seoul Southern District Prosecutors’ Office reportedly indicted Terraform Labs co-founder Shin Hyun-seong and nine other individuals for the collapse of the Terra stablecoin ecosystem.
The 10 individuals were reportedly indicted on charges of fraud, breach of trust and embezzlement and referred to trial after 11 months of investigation. The prosecutor’s office suspected that the individuals involved in the collapse amassed illicit profits of nearly $350 million ,Shin is accused of misleading investors and falsely advertising the product to cause significant losses despite knowing that the project was unfeasible.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Terra Co-Founder Daniel Shin, 9 Others Indicted by South KoreaSouth Korea indicted Terraform Labs co-founder Daniel Shin along with nine others on multiple charges including violations of capital markets law related to the Terra cryptocurrency project, which imploded last year.
Read more »
Breakingviews - South Korea's chip dilemma gets sharperPresident Yoon Suk Yeol is walking a diplomatic tightrope. As the South Korean leader starts his week-long state-visit to the United States marking the 70th anniversary of the countries' alliance, the White House has asked Seoul to 'urge' its chipmakers not to fill any supply shortfalls in China if Beijing cracks down on Idaho-based Micron Technology , the Financial Times reported, citing four sources. There are no good options for Yoon.
Read more »
South Korea aims to deliver the world's first solid state-batteries for EVsSouth Korea is investing 20 trillion won ($15 billion) by 2030 in the world’s first solid-state batteries for electric vehicles.
Read more »
Gov. DeSantis visits Japan, South Korea, Israel and Britain ahead of potential 2024 presidential announcementRon DeSantis, the governor of Florida, traveled to Tokyo for a meeting Monday with Japanese Prime Minister Fumio Kishida and Foreign Minister Yoshimasa Hayashi.
Read more »
South Korea restores Japan on trade 'white list'South Korea has formally restored Japan to its list of countries it gives preferential treatment in trade, three years after the neighbors downgraded each other’s trade status amid a diplomatic row over historical grievances
Read more »
Biden to unveil new efforts to protect South Korea from nukesPresident Joe Biden will use this week’s celebratory state visit by South Korean President Yoon Suk Yeol to underscore that the U.S. is ready to step up its efforts to deter a North Korean attack on South Korea, according to senior administration officials.
Read more »