Terra Co-Founder, Daniel Shin Refuses Profit Over $100 Million LUNA

Terra co-founder has denied prosecution charges that he profited about $104 million from the sale of a substantial amount of stock at a high price.

According to Korean media, Terra’s co-founder Daniel Shin appeared before the prosecution on the 17th and claimed that he had a significant amount of stock as it was at the time of the incident and the selling at a high price is not true.

Before that, he is said to have sold over 70% of his LUNA tokens before its price skyrocketed and held a significant amount of LUNA during the crash of the Terra stablecoin and the LUNA token in May. No details were given about the gains or losses realized.

South Korean prosecutors on Monday said they had subpoenaed Shin based on allegations that he made a profit of 140 billion won (approximately $104 million) by selling off pre-issued LUNA without does not disclose accurate information.

South Korea’s Seoul Southern District Court has approved prosecutors’ request to freeze some $104 million worth of assets believed to belong to Shin.

Daniel Shin is also accused of using the personal information of customers at Chai Corporation, a South Korea-based payment technology company he founded in 2019, to advertise Terraform Labs without prior consent. agree.

Currently, Terra-LUNA’s shocking cryptocurrency crash in May is still being actively investigated by Korean legal authorities for the past several months.

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