25.04.2023 19:18 Uhr, Quelle: Engadget

Terra blockchain founder Daniel Shin indicted in South Korea

South Korean authorities announced today that they indicted the co-founder of Terraform Labs, the company that develops and manages the blockchain payment platform Terra. According toBloomberg, Daniel Shin and nine others linked to Terra now face multiple charges, including violations of capital markets law, which regulates the nation’s securities and financial markets.The authorities indicted eight people, including Shin, for illegal trading; two others face breach of trust charges. Prosecutors say all the defendants were directly involved with Terra, having handled marketing, systems development and management. In addition, prosecutors have frozen 246.8 billion won ($184.7 million) in assets from the defendants. Korean officials said they’re working with the US on the case, although they didn’t go into specifics.Billed as a stablecoin, TerraUSD isn’t backed by real-world assets or fiat currency. Instead, it’s supported by Luna, the native cryptocurrency of the Terra blockchain,

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