Daniel Shin Charged With Fraud Following Do Kwon’s Arrest 

• South Korean Prosecutors seized 246.8 billion won in assets from those involved. 
• The Terra ecosystem cost the investors of TerraUSD and LUNA an estimated $42 billion. 

The co-founder of Terraform Labs, Daniel Shin, is reportedly accused in South Korea in connection with the failed Terra and Luna cryptocurrency. Shin and Do Kwon collectively co-founded Terraform in 2018, and soon after its successful launch, they released their cryptocurrency called LUNA. 

According to Bloomberg and a local media outlet in South Korea, Daniel was charged on April 25, 2023, with offenses including fraud, breaching of duty, and embezzlement. The South Korean prosecutor indicted nine other people related to Terra; some were indulged in marketing promotions, system development, and management.   

In a similar report, Bloomberg noted that prosecutors had seized around 246.8 billion won in assets from the nine other connected people they have charged. LUNA is the algorithmic stablecoin of Terra Labs which was pegged to the US Dollar. 

Earlier, on March 24, 2023, TheCoinRepublic reported that Interpol had confirmed that Montenegro officials detained the co-founder and Chief Executive Officer of collapsed LUNA when he was trying to flee from Podgorica airport. 

As per analytics firm Elliptic, the Terra ecosystem cost the investors of TerraUSD and LUNA an estimated $42 billion. The founder of TerraUSD was ranked as one of the wealthiest gaming entrepreneurs by Forbes in 2019 and was the richest crypto enthusiast in Korea.

On April 22, 2023, Kwon was reportedly charged by prosecutors in Montenegro for using forged passports and other identification documents. According to local media outlets, the indictment will likely complicate efforts to extradite him to the US and South Korea, where he faces multiple charges.

Montenegrin Authorities told media outlets that Singapore also submitted an authorized request for the extradition of Do Kwon. It is important to note that Terraform was utterly banned in Singapore.

Other than Singapore, South Korea and the United States also submitted their request for the extradition of the Terraform co-founder. The hide-and-seek game concluded after six months at Podgorica(Montenegro) airport where the police officials detained him.

LUNC Price Movement 

On CoinMarketCap, LUNC (now called LUNA token) is ranked as the 71st most traded token. At press time, LUNC was trading at $0.0001075 with a 24-hour trading volume of $65,084,988. The daily trading volume is impressive despite all that has happened with the parent company. In the last 52 weeks, the highest traded for LUNC was $92.31 and lowest traded at $0.00001675. 

LUNC token price is breaking its crucial support, and the sellers are looking strong. Moreover, the price is trading below the significant MAs. The 20-day EMA acts as a major resistance for buyers to escape. However, the bounce will sustain only above the range of the 20-day EMA, but below that range, the price becomes bearish. More downside is possible if buyers are unable to hold the range.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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