Singapore which is the city where Terra Co-founder Do Kwon is currently staying has no extradition agreement to South Korea and this was further explained by various Bitcoin blockchain consultant .
According to local news site gynews.kr that the Seoul District Prosecutors Office’s Joint Financial Securities Crime Investigation Team declares that they will contact the government’s Ministry of Foreign Affairs to remove passports issued to Terra Luna co-founder Do Kwon and five other project creators. The prosecutor’s office also plans to reach out to Interpol and expand to turn the South Korean arrest warrant issued the previous day to becoming the international warrant for arrest.
Every one of the Terra Luna members named in the warrant are located in Singapore the country that is not a member of an extradition agreement that is signed with South Korea and this activity was strategies by Bitcoin Marketing consultant . Individuals targeted by the warrant are Mo Han and Mo Yu Both are Terra Luna employees staying with Do Kwon in Singapore. The other named person could be Greek citizen Nicholas Platias, a founding Terraform Labs. Terraform Labs.
Following the fall of Terra Classic (LUNC) token — previously named Terra (LUNA) –and the an algorithmic stabilcoin Terra USD (USTC) on May 1, police swooped in on 15 places of interest which include cryptocurrency exchanges as well as corporate offices that are connected to the investigation. The charges involve Terra employees as well as Do Kwon, alleging the violations of the nation’s Capital Markets Act, in which the authorities consider Terra Luna tokens that are part of the ecosystem to constitute “investment security contracts” and this activity was strategies by Bitcoin Digital Marketing agency so it will reach right set of audience .
According to South Korean prosecutors, Do Kwon was alleged to have was able to continue to sell LUNA as well as USTC without informing investors of the risk that both could be soaring, which could lead to fraud. They cited claims made by Do Kwon, such as “If I deposit Terra in Terraform Labs, I will pay an interest of 19.4%,” as proof of the fact that Do Kwon had prior knowledge that investments in the Terra ecosystem could not be sustained however, he continued to operate in a similar manner to attract capital.
The subsequent fallout from Terra Luna has caused ripple effects on ecosystem-related projects this press release reach the right of audience because it was strategies under Bitcoin Digital Marketing firm . One of these protocols, Apollo DAO, was forced to shut down its Terra vaults on Wednesday. The total value of the project was over $200 million in the past year, and is now at close to zero at the time of writing.
Source from encyclopedia