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Arrest Warrant Sought for Former Tmon CEO Over Terra Bribery Charges

South Korean prosecutors pursue arrest of former Tmon CEO for bribery in Terra payment promotion.
Published on 2023-02-15

Former Tmon CEO Faces Legal Action

South Korean authorities are intensifying their efforts against alleged financial misconduct involving Terra (LUNA), now known as Terra Classic (LUNC). The Seoul Southern District Prosecutor’s Office has filed for an arrest warrant for the former CEO of Tmon, a prominent Korean e-commerce platform. The legal action arises from accusations surrounding the promotion of Terra as a straightforward payment gateway.

Allegations of Bribery

The former Tmon CEO, referred to as "Mr. A," is accused of accepting substantial payments in Terra cryptocurrency. These payments were allegedly received in exchange for promoting Terra's services within the e-commerce sector. The case also implicates a figure known as "broker B," who is accused of lobbying in the financial sector to advance Terra's interests.

Prosecutors' Investigation

The financial and securities joint investigation team is spearheading the legal proceedings. By seeking an arrest warrant, prosecutors aim to hold the involved parties accountable for their roles in allegedly bribing officials to benefit Terra. This move reflects South Korea's broader crackdown on corporate malfeasance and cryptocurrency-related crimes.

Impact on Terra and Tmon

The implications of this case are significant for both Terra and Tmon. For Terra, the allegations could impact its reputation and trust among users and investors. Tmon, on the other hand, may face scrutiny over its internal controls and governance practices.

Conclusion

As the legal process unfolds, this case highlights ongoing challenges in the intersection of cryptocurrency and corporate governance. The outcome could set a precedent for how similar cases are managed in the future, influencing both regulatory standards and industry practices.

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