South Korean prosecutors on Tuesday charged 10 people, including Terra co-founder Daniel Shin, in connection with the Terra-LUNA crisis. Prosecutors froze $185 million in assets as part of the investigation, while Bitcoin worth millions remained in a Swiss bank.

The move came after a South Korean court on Monday rejected prosecutors’ appeal to seize Daniel Shin’s property and arrest him for violating the Capital Markets Act.

Terra founders Do Kwon and Daniel Shin face the wrath of prosecutors

The Seoul South District Prosecutor’s Office has charged Terra co-founder Daniel Shin and seven others without custody on multiple charges, including fraud, dereliction of duty and embezzlement. While two were charged with breach of trust, the Korean news agency Yonhap reported on April 25.

Shin and others poured nearly $300 million into illicit profits from Terra ecosystem tokens by marketing and promoting these cryptocurrencies.

In a press conference after the prosecution charged 10 people, Chief Prosecutor Dan Seong-han said the prosecutor’s office will continue to monitor Bitcoin holdings and transactions by TFL and LFG. Kwon still has millions worth of Bitcoin in a Swiss bank after turning some into cash last year.

Earlier, the US SEC revealed that Do Kwon paid out about $100 million worth of Bitcoin to a Swiss bank. An amount was transferred to the Kim & Chang law firm to pay legal costs.

Meanwhile, Do Kwon was detained in Montenegro and charged with passport forgery. Daniel Shin and others were behind the structuring of the TerraUSD and LUNA cryptocurrencies, causing the Terra-LUNA crisis to wipe out $60 billion.

Prosecutors are also asking for Do Kwon’s extradition from Montenegro. US prosecutors have also charged Terra and Do Kwon with fraud and have requested their extradition. The extradition will take months as the judicial procedure for extradition has not yet started.

Terra (LUNA) and Terra Classic (LUNC) prices remain under pressure after the arrest of Do Kwon and the prosecutor’s office continue the action against Daniel Shin and related entities. LUNA price is trading at $1.24 while LUNC price is at $0.000109, down 1% in the last 24 hours.

Also Read: Paradigm Files Amicus Brief in US SEC Lawsuit Against Terra and Do Kwon

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

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