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Co-founder of Terra Daniel Shin disputes a $100 million LUNA cashout

Co-founder of Terraform Labs Pte., Daniel Shin Ltd., also known as Shin Hyun-seung, admitted to South Korean authorities during an investigation that he did not sell the cryptocurrency LUNA, which is now known as LUNC, at its peak, according to a local news source called Global Economy Newspaper.

According to reports, Shin claimed that he sold more than 70% of his LUNA tokens before the price spike and that he still had a sizeable holding of LUNA in May, during the collapse of the Terra stablecoin and sibling LUNA token.

According to South Korean prosecutors, they summoned Shin on Monday over claims that the co-founder of Terra made illicit profits of 140 billion Korean won (about US$104 million) by selling up LUNA that he had pre-issuance but had not properly disclosed at a high point.

On Thursday, the Seoul Southern District Court in South Korea granted the prosecution’s motion to seize approximately US$104 million in allegedly Shin’s property.

Additionally, Shin is charged with utilizing client data from Chai Corporation, a payments technology firm he founded in South Korea in 2019, to promote Terraform Labs without their permission.

The Terra-LUNA collapse has been repeatedly denied as being a result of Shin and Chai Corporation, who claim they severed ties with the project in 2020.

After being questioned on Thursday, Shin went back to the Seoul Southern District Prosecutors’ Office on Friday, according to local media reports.

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