South Korean Politician to Sell Cryptocurrency Holdings Amid Conflict of Interest Allegations
South Korean lawyer and politician Kim Nam-kuk has announced that he will sell his cryptocurrency holdings following allegations of a conflict of interest.
South Korean Authorities Freeze Assets of Terraform Labs CEO Over Alleged Fraud
South Korean prosecutors have frozen assets worth US$176 million belonging to Do-Hyung Kwon, CEO of Terraform Labs, over allegations of defrauding investors in the Terra-Luna project and related decentralized finance services. The frozen assets include Kwon’s Seoul residence, real estate, imported cars, securities deposited with Mirae Asset Securities, deposits with Woori Bank, and crypto assets in cryptocurrency exchanges. Kwon is also facing charges of orchestrating a cryptocurrency fraud both in the US as well as South Korea and could face over 40 years in prison if convicted. The move by South Korean authorities indicates a strong stance against white-collar crimes in the country.
Terra Faces More Legal Trouble As Authorities Seize $160 Million in Assets
As per a recent report by the local South Korean news outlet KBS, the Seoul Southern District Prosecutor’s Office has seized approximately $160 million in assets from eight individuals linked to the collapse of Terraform Labs.
South Korean Authorities Seize $160M in Assets Tied to Terra Employees: Report
The Seoul Southern District Prosecutor's Office has reportedly confiscated roughly $160 million worth of assets from eight people connected to the collapse of Terraform Labs, including co-founder Daniel Shin.
Crypto Fugitive Do Kwon Faces US and South Korean Charges. Who Gets Him First?
Terraform Labs Pte co-founder Do Kwon is in a jail in Montenegro, but his ultimate destination will likely be the US or South Korea. Both countries have charged him in connection with an alleged cryptocurrency fraud that wiped out $40 billion in market value.
Dubai Free Trade Zone Partners With South Korean Companies to Expand Web3 and Metaverse Business
The Dubai Multi Commodities Centre, one of the biggest free trade zones in the world, signed agreements with governments and companies in South Korea to bring more Web3 and metaverse businesses to the emirate. The objective of this move is to consolidate the status of Dubai as an international blockchain hub in the region.
Bogus Crypto Bank Chief Jailed for 10 Years After Duping Investors Out of $181M
The CEO of a bogus South Korean crypto bank has been handed a 10-year jail term – after cheating investors out of a total of $181 million.
Do Kwon’s Manhunt Intensifies As South Korean Officials Travel to Serbia
The manhunt for Do Kwon, the founder of the now collapsed Terra (LUNA) ecosystem, has intensified with South Korean officials seeking international cooperation in nabbing the fugitive.
South Korean Officials Traveled to Serbia to Locate Terra's Do Kwon
A group of South Korean officials has traveled to Serbia in a bid to locate Do Kwon, the co-founder of Singapore-based Terraform Labs, the parent company of crashed stablecoin TerraUSD.
South Korea Arrests Head of Bithumb Crypto Exchange for Alleged Embezzlement
South Korean prosecutors said they have arrested Kang Jong-hyun, the de-facto owner of local cryptocurrency exchange Bithumb, for alleged embezzlement and stock manipulation. Prosecutors said they have arrested Kang and a person identified only as Cho on the charges. Another person, also listed only as Cho, has pleaded guilty to all charges, according to local news outlet JTBC. Last month, South Korean prosecutors charged Kang and two other executives of Bithumb-affiliated firms with breach of trust, embezzlement and fraudulent transactions, the Seoul Southern District Prosecutors’ Office confirmed with Forkast via text message. (forkast)
