The blockchain industry is now working with a blank slate, and participants are aware that some of the most popular business models do not work.
Daniel Shin allegedly ignored warnings from the Financial Supervisory Service and continued telling investors that Terra's stablecoin would debut on e-commerce platforms.
The Financial Services Commission supports a new bill that will require exchanges to compensate users if they halt withdrawals as they’ve been doing amid the FTX collapse.
Prosecutors stormed Chai Corporation, the payments technology company founded by Daniel Shin, on the allegations that it misused its customers' personal information without their consent.
According to Nouriel Roubini, “there are seven C’s in crypto: concealed, corrupt, crooks, criminals, conmen, carnival barkers and, finally, CZ.”
Investigators say Daniel Shin breaches South Korean capital market law over allegedly holding a stash of LUNA without disclosing it to investors.
The prosecutors say that the evidence was gleaned from a “messenger conversation” between Do Kwon and an ex-employee of Terraform Labs.
The claimants seek $57 million as damages for losses suffered during the de-pegging of TerraUSD (UST) from the U.S. dollar.
Investors who got rekt after investing in LUNA/UST are now taking it upon themselves to pursue Kwon, who says charges against him are politically motivated.
Yoo Mo was arrested last week on charges of violating the Capital Markets Act as a key member of the Terra group, but a South Korean court has dismissed his arrest.
South Korea's extensive probe into the LUNA and UST meltdown is gaining ground with the arrest of Do Kwon's key aide, Yoo Mo, who is being accused of fraud and inflating token prices using bots.