Former Tmon CEO Accused of Accepting Bribes for Terra Promotions

• Former CEO of Tmon, a Korean e-commerce platform, has allegedly earned billions of South Korean won after selling the LUNA tokens he had received from Terra co-founder Shin Hyun-Seong for promotions.
• Seoul prosecutors requested an arrest warrant on the former CEO of ecommerce giant Tmon for allegedly receiving bribery from Terra cofounder Daniel Shin in exchange for promoting Terra as a payment method.
• Media outlet Dong-A Ilbo reported that the head of the financial and securities joint investigation team at the Seoul Southern District Prosecutor’s Office requested an arrest warrant for bribery charges against the former Tmon CEO and a person described as “broker B,” who worked on lobbying in favor of Terra.

Former Tmon CEO Accused Of Accepting LUNA Tokens For Promotions

The former CEO of Tmon, an e-commerce platform, has allegedly earned billions of South Korean won after selling the LUNA tokens he had received from Terra co-founder Shin Hyun-Seong in exchange for promotions. The Seoul Southern District Prosecutors Office confirmed with me via text that they have requested an arrest warrant on the former CEO of ecommerce giant Tmon for alleged bribery by Terra cofounder Daniel Shin.

Media Outlet Reports Arrest Warrant Request

Media outlet Dong-A Ilbo reported that the head of the financial and securities joint investigation team at the Seoul Southern District Prosecutor’s Office requested an arrest warrant for bribery charges against both the former Tmon CEO and broker B, who was working to lobby in favor of Terra.

Promotions Allegedly Increased Token Price

Investigators allege that Mr. A’s promotion increased LUNC token prices by raising investors’ expectations; consequently, Mr. A made billions of won after selling those tokens received from Terran cofounder Shin Hyun Seong. Despite warnings from financial authorities, Shin is reported to have given money to other companies like Tmon to promote LUNC as a safe payment method.

South Korea Calls On Shin To Cooperate With Investigation

On Nov. 14th, South Korean prosecutors called upon Shin to cooperate with their investigation into potential causes behind Terra’s collapse – including whether or not LUNC tokens were held without investors’ knowledge and used to generate illegal sales prior to company collapse (estimated over $105 million).

Terra CoFounder Under Investigation

The case against Tera CoFounder Daniel Shin has been steadily expanding since November 2020 when investigations began; now it appears that Mr. A may also be implicated in accepting bribes and promoting LUNC as a secure payment method despite warnings from authorities – though no official verdict has been reached yet regarding either party’s guilt or innocence at this time