Fraud and Embezzlement Charges under the Special Act
The pre-arrest detention hearing (warrant review) for Shin Hyun-sung, the Chief Executive Officer of Chai Corporation, who is accused of violating the Capital Markets Act in connection with the Terra and Luna crash incident, will be held on the 2nd. [Image source=Yonhap News]
[Asia Economy Reporter Oh Gyumin] The pre-trial detention hearing (warrant review) for Shin Hyun-sung, the Chief Executive Officer of Chai Corporation, who is accused of violating the Capital Markets Act and other charges related to the Terra and Luna crash incident, will be held on the 2nd.
The Seoul Southern District Court announced on the 30th that the warrant review for Shin and seven others, who are accused of violating the Act on the Aggravated Punishment of Specific Economic Crimes (fraud and breach of trust), the Capital Markets Act, and other charges, will begin at 10:30 a.m. on the 2nd.
The day before, the Seoul Southern District Prosecutors' Office's Joint Investigation Team on Financial Securities Crimes (led by Dan Seonghan) and the Financial Investigation Division 2 (Chief Prosecutor Chae Heeman) filed detention warrants for Shin and seven others. Among them, four, including Shin, were early investors in Terra and Luna, while the other four were known to be key personnel in Terra and Luna's technology development.
Shin co-founded Terraform Labs with CEO Kwon Do-hyung. He is accused of holding the cryptocurrency Luna, issued before the business started, and selling it during a price surge to gain approximately 140 billion KRW in capital gains. Shin is also accused of leaking customer information held by Chai Corporation to separate entities such as Terraform Labs.
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