The U.S. Securities and Exchange Commission and South Korean investigators are set to question Terra co-founder Daniel Shin about the dealings between Chai Corporation and Terraform Labs.
Both the SEC and Ripple will have a chance to argue whether the finance regulator is entitled to file an appeal this month; the court expects SEC v Ripple to go to trial sometime in Q2 of 2024.
Prosecutors in South Korea plans to leverage the recent XRP ruling against Terraform Labs CEO Do Kwon's alleged securities fraud acts.
South Korea intensified efforts to combat digital currency misconduct by introducing a specialized crime-fighting unit probing digital currency offenses like asset seizures.
The federal judge in charge of looking at the SEC v Ripple case dismissed the prospect that secondary market and programmatic sales could amount to securities.
To avoid events like Terra's collapse from recurring, South Korea dedicates its efforts to creating its first-ever investigation unit focusing on combatting digital currency-related crimes.
The South Korean court noted that it would study the submissions of Daniel Shin's legal team; both parties are expected to be in court on August 28 for a second hearing.
Withdrawals in Wyre will be available until July 14, after which there will be a recovery process for the digital currency that remains on its platforms.
The LUNA and TerraUSD founder was taken into custody over charges of document forgery, but he will complete his sentence in a month as the time he spent in detention will be considered.
Apart from the extradition battle and falsification charges, Do Kwon is set to be questioned by the Special State Prosecutor’s Office over his relationship with local politician Milojko Spajic.
South Korean prosecutor Dan Sunghan thinks that sending Do Kwon to South Korea is the most rational decision to recover damages and bring justice to thousands of victims of the TerraUSD de-pegging.