'Grim Reapers' Gunning for Do Kwon and Terra - More Trouble Mounts
The South Korean Yeouido Grim Reaper special criminal team is being revived in order to conduct an investigation into the Terra ecosystem collapse. Disbanded after prosecutorial reform movements, after a two and a half year hiatus, the Grim Reapers make their return.
The Grim Reaper team has started its deep investigation looking into the Terra case. The special team consists of 48 individuals, including seven lawyers and financial services experts....The authorities are investigating the incident since over 2 lakh South Koreans lost their life savings in the crash, and at least eight people committed suicide as a result.
[Vismaya, V. South Korea Revives Yeouido Grim Reaper to Investigate Terra’s Fall. (Accessed May 19, 2022)].
The Terra/Kwon investigation has been confirmed to be the first the team will tackle by South Korean news reporter Hyung-an Son:
An official from the prosecution explained the background, 'As the Luna-Tera case is a case of multiple damage to the common people, it was designated as the first investigation case by the Hap Sudan after an internal review by the Ministry of Justice.' The prosecution is known to have reviewed the basic legal principles of this case prior to the launch of the merger. It is reported that the coin issuer Terraform Labs decided that the method of attracting investors by depositing money in Terra Coin, changing it to Luna Coin, and promising 20% annual interest rate could be an illegal similar receiving act. The so-called 'Ponzi scheme', which returns promised profits to existing investors with new investment, is suspected.
[Hyung-an Son. [Exclusive] 'Yeouido Grim Reaper' No. 1 Investigator Luna revived by Dong-Hoon Han. (Accessed May 19, 2022)].
This squad was renamed the Yeouido Grim Reapers after the Yeouido financial district of Seoul [See, e.g. Karunanidhi, V. South Korea Brings Back ‘Yeouido Grim Reaper’ to Investigate Terra’s Fall. (Accessed May 19, 2022)] because of its precision and clinical approach. "The team earned the moniker The Grim Reapers due to the high-profile cases it handled. One of the largest cases the team handled was the $1.2 billion Lime Asset Management embezzlement scandal. The team was disbanded before the investigation was complete, so that case is set to be reopened. Before being disbanded, the team racked up 346 arrests from 965 cases prosecuted from 2013 to 2020" [Newar, B. Grim Reapers financial crimes unit revived to investigate Terra collapse. (Accessed May 19, 2022)].
But Do Kwon's troubles do not end there:
And:
According to the industry on the 18th , the National Tax Service recently notified CEO Kwon, Shin Hyun-seong, Chairman of Ticket Monster's board, Han Chang-joon, CEO of Chai Corporation, and Terraform Labs to pay 100 billion won in taxes.
[Park. Jin-woo. 'Luna incident' Kwon Do-hyung and Terraform Labs were fined 100 billion won in taxes. (Accessed May 19, 2022)].
Finally:
Kwon’s legal troubles extend beyond South Korea, as a resident of Singapore filed suit against Kwon last week on behalf of at least 1,000 other residents who invested in the Terra ecosystem.
[Newar, supra].
Could more be on the way for Do Kwon? In all likelihood, yes!
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