Prosecutors Seek Arrest Warrant for Former Tmon CEO Over 'Terra' Bribery and Kickbacks

[Asia Economy Reporter Hwang Seoyul] The prosecution investigating the 'Terra·Luna incident' has requested an arrest warrant for the former CEO of the e-commerce company 'Timon' on charges of receiving bribes and profiting during the process of introducing the cryptocurrency Terra as a simple payment method.

According to the prosecution, the Financial and Securities Crime Joint Investigation Team (led by Dan Seonghan) of the Seoul Southern District Prosecutors' Office filed an arrest warrant on the 15th for former Timon CEO Mr. A on charges of breach of trust and for Mr. B, who was in charge of lobbying financial institutions related to Terra, on charges of mediation of bribery. The substantive hearing for the arrest warrant is scheduled for the 17th.

Mr. A is accused of receiving an illicit request from Shin Hyunseong, co-founder of Terraform Labs and chairman of Timon's board of directors as well as general CEO of Chai Corporation, who was the first in the industry to ask Timon to introduce and promote 'Terra' as a simple payment method, and of pocketing 'Luna' coins as kickbacks. It is reported that Mr. A converted this into cash amounting to several billion won.