search icon

    Market Snapshot

    blog search icon

    De Kwon to face Prosecution from Korean Government

    By Ammar Mukhtar

    May 23,2022

    12:33 AM UTC

    Do Kwon (complete name Kwon Do-hyeong) and his organization Terraform Labs are the objective of South Korean organizations and monetary controllers.

    Following the disclosure that something like three particular normal legitimate cases including many South Korean land (LUNA) monetary sponsors had been arranged, further trouble seems, by all accounts, to be on the way at the regulatory and parliamentary levels, as per all records.

    A joint social event on “the Luna-Terra event” will be held at the National Assembly on the night of May 24, Herald Kyungjae reported, adding to the genuine “fight process” pursued against both Kwon and Shin Hyun-seong, Kwon’s Co-coordinator at Terraform Labs and the highest point of the TMon online business domain. Administrator of the People’s Power Party’s Policy Committee Seong Il-jong and Chairman of the late shaped Virtual Assets Special Committee Yoon Chang-hyun will lead the social event.

    The Financial Services Commission (FSC), the Financial Intelligence Unit (FIU), and the Financial Supervisory Service (FSS) will all partake, including the FSC’s Vice Chairman Kim So-young.

    The arraignment organization will be an outstanding truant from the joint gathering, as per the source, however, an authority from the National Police Agency is probably going to join in and update on the circumstance with continuous examinations.

    The gathering will zero in not simply on the LUNA calamity and its repercussions, yet in addition on exchanges’ responses to it – a subject that has gone under examination following a blast of theoretical action on nearby business sectors. It will likewise zero in on an assortment of other methodology-level activities pointed toward reinforcing monetary supporter security in the crypto ecosystem.

    On May 23, Yoon will have an alternate emergency studio named The LUNA/Terra Incident: Causes and Countermeasures, which will incorporate specialists from the virtual asset industry.

    In any case, the arraignment organization is additionally directing its own examination concerning Kwon and his organization. As per YTN, the help has now made a legitimate move.

    On May 20, the Seoul Southern District Prosecutors’ Office answered the Financial and Securities Crime Coalition Team that it had “dispensed the assessment of Terraform Labs CEO Kwon Do-Hyung, who is associated with coercion under the Act on Aggravated Punishment for Specific Crimes.”

    The group, otherwise called the Yeoido Grim Reaper (Yeoido is the area of Seoul where most significant government organs are found), was disbanded almost over a long time back by the previous value serve Choo Mi-ae, however, has since worked under the current server, Han Dong-hoon. The LUNA case will be the first for the new gathering.

    More From Stocks telegraph