Korean Prosecutors Have Applied for Prior Arrest Warrants for Eight People, Including Terra Co-creator Daniel Shin

Nov 30,2022
KingData News: According to Yonhap News Agency, Korean prosecutors applied for prior arrest warrants for eight people, including Terra co-founder Daniel Shin, on suspicion of violating fraud and malfeasance under the Act on Aggravated Punishment for Specified Economic Crimes, violating the Capital Market Act, and violating the Act on Restriction of Illegal Credit Practices. 4 of them were early investors in Terra Luna, and 4 others were key personnel in the development of Terra and Luna technologies, and all 8 stayed in Korea.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.