Tag: South Korea

Samsung’s Lee Jae-yong Acquitted in Stock, Accounting Fraud Case – The New York Times

A South Korean court on Monday acquitted Lee Jae-yong, Samsung’s top executive, on charges of stock price manipulation and accounting fraud, the latest twist in the billionaire’s legal troubles tied to a merger that helped him secure control of the nation’s largest company. A Seoul district court judge said that there was not enough evidence to prove the prosecutors’ charges…

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Terra Co-Founder Shin, Nine Others Indicted by South Korea – Bloomberg

South Korea indicted Terraform Labs co-founder Daniel Shin along with nine others on multiple charges including violations of capital markets law related to the Terra cryptocurrency project, which imploded last year. Prosecutors froze 246.8 billion won ($184.7 million) in assets from the people so far, Dan Sung Han, the head prosecutor who leads the financial crime investigation department, said at…

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Prosecutors Seeking Arrest Warrant for Terraform Labs’ Daniel Shin: Yonhap

South Korean newswire service Yonhap is reporting that prosecutors are seeking an arrest warrant for Daniel Shin, co-founder of Terraform Labs. Yonhap says prosecutors are charging Shin with taking illegal profits as he sold $105 million of LUNA at a market high without informing investors. He’s also being charged with violating the Electronic Financial Transaction Act for using customer data…

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S. Korean Prosecutors Request Eight Year Prison Sentence for Ex-Bithumb Chairman on $70M Fraud Charges

South Korean prosecutors have asked the court to sentence Lee Jung-hoon, the former chairman Bithumb Holdings, which operates South Korean crypto exchange Bithumb, to eight years in prison on $70 million fraud charges. The trial took place on October 25 and the verdict will be delivered on December 20, according to Yonhap. Lee is accused of stealing $70 million from…

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South Korea Makes First Arrests in Major Crypto-Linked Inquiry – Bloomberg

South Korean prosecutors made their first arrests in a probe of $3.4 billion worth of foreign-exchange transactions for possible links to illegal cryptocurrency-related activities. Three people were held on allegations including setting up paper companies and operating a cryptocurrency trading business without registration, the Daegu District Prosecutors’ Office said in a text message on Thursday. Source: South Korea Makes First…

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Terra Founder Shin’s Home Raided as Korea Widens TerraUSD Crypto Probe – Bloomberg

South Korean prosecutors raided the home of Terraform Labs co-founder Daniel Shin, deepening a probe into allegations of illegal activity behind the collapsed stablecoin TerraUSD. A series of raids on crypto-exchanges and offices on Wednesday also included Shin’s home and his payment app Chai Corp., the Seoul Southern District Prosecutors Office said via a text message, confirming an earlier report…

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South Korea: Donga Ilba CEO Probed for Insider Trading

In South Korea, Donga Ilbo CEO Kim Jae-ho and several senior staff members of the company are reportedly under investigation for illegal stock trading.  Together, the illegal profits total about 5 billion won ($3.9 million), the Korea Times reports. The Korea Times reports that The Financial Supervisory Service (FSS) told the Seoul Central Prosecutors’ Office last month that Kim and…

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