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Terraform CEO Do Kwon hiding in Serbia: prosecutors

Do Kwon, the wanted co-founder and CEO of Terraform Labs / Screenshot from YoutubeDo Kwon, the wanted co-founder and CEO of Terraform Labs accused of fraud following the massive collapse of the blockchain firm's cryptocurrencies, is currently in Serbia, prosecutors said Monday.The Seoul Southern District Prosecutors Office obtained intelligence that Kwon has stayed in Serbia for about month after leaving the United Arab Emirates. He was most recently spotted in Singapore in early September.The disgraced entrepreneur has been under investigation for alleged fraud and tax evasion after investors in TerraUSD and Luna filed complaints against Kwon in May, accusing him of a Ponzi scheme over the loss of billions of won following the crash of both coins.The prosecution office sought an arrest warrant for Kwon on charges of providing false information to investors, and Interpol also issued a red notice, used for the highest level of wanted suspects and criminals. Kwon's passport has since been invalidated.Kwon has denied most of the allegations and insisted on his Twitter account that he is

Dec 12, 2022
Terraform CEO Do Kwon hiding in Serbia: prosecutors

Cryptocurrency market hit by delisting of Wemix

A person walks by the headquarters of Wemade located in Seongnam, Gyeonggi Province, Wednesday. YonhapSome point out DAXA's arbitrariness in delisting decision By Anna J. ParkWemix, the cryptocurrency developed by game company Wemade, ended up getting delisted from four major local coin exchanges as of 3 p.m. Thursday, as a local court rejected an injunction request filed by Wemade on Wednesday evening. Wemade filed the court injunction late last month, asking the court to stop the coin exchange association's decision to delist the game company's key cryptocurrency on the grounds of false disclosure. As the four major coin exchanges ― Upbit, Bithumb, Coinone and Korbit ― take up more than 95 percent of the cryptocurrency trading volume in Korea, the delisting from the exchanges means that Wemix can no longer be traded normally. Holders of the coin should transfer their Wemix to overseas exchanges, which still support the trading of Wemix, or the game company's cyber wallet. The exchanges say that Wemix holders must withdraw their coins from them by Jan. 5 next year. Right before its

Dec 8, 2022By Anna J. Park
Cryptocurrency market hit by delisting of Wemix

Court denies injunction against delisting of cryptocurrency Wemix

Wemade CEO Chang Hyun-guk / Courtesy of WemadeA Seoul court on Wednesday denied an injunction request filed by the operator of cryptocurrency Wemix to block the enforcement of crypto exchanges' decision to delist the coin.In late November, the Digital Asset eXchange Association (DAXA) ― an alliance formed by Upbit, Bithumb, Coinone, Korbit and Gopax ― announced they will terminate transaction support to the cryptocurrency operated by online games company Wemade, from Dec. 8.They said Wemade had provided false information on the planned number of the virtual token in circulation and the actual number in the market.Wemade filed for an injunction, claiming the decision was made on the basis of vague terms and that delisting the cryptocurrency could incur inevitable damage to investors. DAXA had countered a continued trade of Wemix would have a negative impact on the cryptocurrency market order.The Seoul Central District Court on Wednesday dismissed the injunction request.Wemix ― launched in 2020 as Wemade's gaming platform token ― has been traded at Upbit, Bithumb, Coinone and Korbit. W

Dec 7, 2022
Court denies injunction against delisting of cryptocurrency Wemix

Court denies warrant for Terraform co-founder over cryptocurrency collapse

Daniel Shin, co-founder of Terraform Labs, arrives at the Seoul Southern District Court, Dec. 2. YonhapA Seoul court denied a warrant on Saturday to detain Daniel Shin, co-founder of Terraform Labs, on charges of gaining illegal profits before the massive collapse of the blockchain firm's cryptocurrencies.Prosecutors have also sought warrants to arrest three other Terraform Labs investors and four engineers of the firm's cryptocurrencies ― TerraUSD and Luna.Terraform Labs has been under investigation for alleged fraud and tax evasion after investors filed complaints against Do Kwon, another co-CEO, in May. An Interpol red notice has been issued for Do, whose whereabouts are still unknown.Prosecutors suspect Shin stored Luna ― which had been pre-issued without notifying regular investors ― and pocketed illegal profits worth 140 billion won (US$105 million) by selling the tokens at a high point. Judge Hong Jin-pyo of the Seoul Southern District Court denied the warrant to detain the 37-year-old entrepreneur despite acknowledging the heavy nature of his crime.The court also denied the w

Dec 3, 2022
Court denies warrant for Terraform co-founder over cryptocurrency collapse

Terraform co-founder attends court hearing to decide his arrest over cryptocurrency collapse

Daniel Shin, co-founder of Terraform Labs, arrives at the Seoul Southern District Court, Dec. 2. YonhapDaniel Shin, co-founder of Terraform Labs, attended a court hearing Friday to determine whether he should be arrested for allegedly gaining illegal profits before the massive collapse of the blockchain firm's cryptocurrencies.Prosecutors have also sought warrants to arrest three other Terraform Labs investors and four engineers of the firm's cryptocurrencies ― TerraUSD and Luna.Terraform Labs has been under investigation for alleged fraud and tax evasion after investors filed complaints against Do Kwon, another co-CEO, in May. An Interpol red notice has been issued for Do, whose whereabouts are still unknown.Prosecutors suspect Shin stored Luna ― which had been pre-issued without notifying regular investors ― and pocketed illegal profits worth 140 billion won ($105 million) by selling the tokens at a high point. Asked about the charges by reporters upon his arrival at the Seoul Southern District Court for the hearing, the 37-year-old did not say anything.A decision on whether to app

Dec 2, 2022
Terraform co-founder attends court hearing to decide his arrest over cryptocurrency collapse

Arrest warrant sought for Terraform Labs co-founder over cryptocurrency collapse

Daniel Shin, co-founder of Terraform Labs / NewsisProsecutors said Wednesday they have sought an arrest warrant for Daniel Shin, co-founder of Terraform Labs, for allegedly gaining illegal profits before the massive collapse of the blockchain firm's cryptocurrencies.The Seoul Southern District Prosecutors Office said the warrants were also sought for three other Terraform Labs investors and four engineers of the firm's cryptocurrencies ― TerraUSD and Luna.Terraform Labs has been under investigation for alleged fraud and tax evasion after investors filed complaints against Do Kwon, another co-CEO, in May. An Interpol red notice has been issued for Do, whose whereabouts is still unknown.Prosecutors suspect 37-year-old Shin stored Luna ― which had been pre-issued without notifying regular investors ― and pocketed illegal profits worth 140 billion won (US$105 million) by selling the tokens at a high point. While there is currently no legal clause on stablecoins and bitcoins under the Capital Markets Act, prosecutors said they view Luna cryptocurrency as a financial investment security. C

Nov 30, 2022
Arrest warrant sought for Terraform Labs co-founder over cryptocurrency collapse

Dunamu expands trading restriction to families of executives and staff

The head office of Upbit in Seoul / Yonhap By Yoon Ja-youngDunamu, the operator of the country's leading cryptocurrency exchange, Upbit, has expanded trading restrictions to family members of its executives and staff as a preemptive measure to enhance ethical management. The decision is drawing attention as the internal control system, which is on par with that of the traditional financial industry, is expected to enhance the overall level of trust in the relatively new industry.According to crypto industry sources, Dunamu has been restricting cryptocurrency trading by the family members of its executives and staff since August. The restriction was previously imposed only on executives and staff themselves, but Dunamu expanded it to their families to fulfill its social responsibility.Back in September of 2021, the government revised the law to restrict cryptocurrency trading by crypto businesses and their executives and staff to enhance transparency as well as preve

Nov 29, 2022
Dunamu expands trading restriction to families of executives and staff

Wemade chief faces censure amid stock fall

Wemade CEO Chang Hyun-guk / YonhapBy Lee Min-hyungWemade CEO Chang Hyun-guk came under mounting criticism from investors after the game publisher's stock plummeted in the aftermath of a shocking delisting of its Wemix coin from Korea's four major crypto exchanges.According to data from the Korea Exchange, Wemade shares went on a losing streak on Monday after its price closed with a drop of 29.89 percent on the previous trading day. The steep stock fall was attributed to the abrupt decision by the Digital Asset eXchange Association (DAXA) to stop supporting any trading of the controversial cryptocurrency. Other Kosdaq-listed Wemade affiliates ― such as Wemade Mix and Wemade Play ― also fell by around 30 percent on Friday.Investors' fury is showing no signs of abating, as Wemade shares continued to extend losses of more than 10 percent on the first trading day this week.In October, Wemix was designated as a cryptocurrency that required cautious investment from DAXA ― an alliance of the nation's top five crypto exchanges. But Chang had since dismissed the possibility of the coin's delis

Nov 28, 2022By Lee Min-hyung
Wemade chief faces censure amid stock fall

Korea's first digital asset bill expected to be passed as early as Dec.

gettyimagesbankBy Anna J. ParkThe parliament is set to deliberate on a bill that stipulates cryptocurrency exchanges' obligations for investor protection as early as later this month, as rival parties share a common understanding about a need to legalize the country's growing digital asset markets. According to the parliament and coin industry insiders, the National Policy Committee ― a sub-committee of the National Assembly that supervises the financial sectors and financial policies ― is expected to hold its committee meeting on reviewing bills on Nov. 29, although the date is not completely fixed as of now. If the review committee meeting is held on Tuesday as expected, a bill on digital assets is highly likely to be reviewed at the meeting.Once the actual review of the bill is implemented by the parliamentary committee, it is forecast that the bill would be able to pass the legislative procedures quickly, as rival parties, as well as the government, do not seem to have major differences on the bill. Also, both the parliament and the government are under pressure to strengthen cry

Nov 27, 2022By Anna J. Park
Korea's first digital asset bill expected to be passed as early as Dec.

Dunamu's metaverse 2nd Block bridges generation gap

2nd Forest, a virtual forest established on Dunamu's metaverse platform 2nd Block / Courtesy of DunamuBy Yoon Ja-youngThe world is witnessing an infinite expansion through the metaverse, where barriers are being demolished and limitations are disappearing. Once regarded alien and unrealisitc, the metaverse has become an engine of future growth and energy that enriches our lives and enables the search for new possibilities.At the forefront of this change is 2nd Block, the metaverse platform of the country's leading blockchain and cryptocurrency exchange operator Dunamu. Since its launch, 2nd Block has been leading the metaverse ecosystem, achieving notable innovations through cooperation with other sectors.Most of all, 2nd Block bridged the generation gap by emerging as a new communication channel. The generation gap, which existed even in 1700 BC as seen in a Sumerian tablet containing the words, “young people these days,” has been only widening in the modern age as the older generation suffers from a so-called “digital lag” while the amount of communication d

Nov 24, 2022
Dunamu's metaverse 2nd Block bridges generation gap
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