ChainCatcher news, the Seoul Central District Court in South Korea ruled to cancel the Financial Intelligence Unit (FIU)'s fine of 1.9942 billion won (approximately 1.42 million USD) imposed on the virtual asset exchange Hanbitco for KYC violations. The court found that the FIU failed to provide evidence proving that 197 customers met the "aggravating conditions" under the Act on Reporting and Using Specified Financial Transaction Information, nor did it conduct relevant investigations. The so-called "aggravating conditions" refer to the suspicion of customer identity, which may involve the concealment of the actual owner's identity, money laundering activities, or risks of financing terrorism.This ruling may affect the FIU's review of KYC violations by other exchanges, including the recent investigation into 700,000 violations against Upbit.

ChainCatcher news, the virtual asset custody platform Haru Invest was officially declared bankrupt by the Seoul restructuring court in South Korea on November 20.The operating company of Haru Invest, Haru Management Limited, was previously filed for bankruptcy due to its inability to pay debts. The court stated that although the company is registered in the British Virgin Islands, it has an office and operates in South Korea, giving the Korean court jurisdiction over the case.The court plans to hold the first creditors' meeting on February 11, 2025, to liquidate and distribute the company's assets through the bankruptcy administrator. It is reported that Haru Invest attracted investors by making false promises to guarantee principal and high returns since 2020, and suddenly stopped withdrawals in June last year, causing over 16,000 investors to suffer losses.It is reported that from March 2020 to June last year, Haru Invest deceived investors by falsely promising to guarantee principal and pay high returns, suddenly stopping withdrawals and absconding with approximately 14 trillion won worth of cryptocurrency.

ChainCatcher news, according to SBS, the Seoul District Court in South Korea sentenced Park Byung-gon, the main person responsible for the Ado International investment recruitment plan, to 5 years in prison. Park Byung-gon was accused of carrying out a fraud scheme worth 400 billion won (approximately 294 million USD) through virtual assets.

ChainCatcher news, according to Yonhap News Agency, there is evidence that Do Kwon, the founder of Terraform Labs, and Daniel Shin, the CEO of Chai, intended to deceive investors since the establishment of Terraform Labs.Records of conversations between Kwon and Shin show that Kwon told Shin, "I can create fake transactions that look real. Once we grow bigger, you can reduce (the fake transactions), and I won't be able to identify them."Shin responded, "Let's experiment on a small scale first and see how it goes."These conversation records have been submitted to the court as evidence by the country's prosecutors.

ChainCatcher news, the Southern District Court of Seoul, South Korea, will hold the first trial for Terraform Labs co-founder Daniel Shin and seven other colleagues on May 26. They are accused of fraud related to the collapse of the $40 billion Terra-Luna stablecoin cryptocurrency project.According to Yonhap News Agency, Terra co-founder Daniel Shin has assembled a defense team of 30 lawyers. It has also been reported that a former Seoul prosecutor, who was responsible for investigating the Terra-Luna collapse, has been hired. (source link)

According to ChainCatcher news, the South Seoul District Court judge recently accepted the prosecution's request for pre-trial preservation of assets belonging to Terra co-founder Do Kwon, as reported by the Korea Economic Daily. Pre-trial asset preservation refers to freezing the criminal proceeds or property of a suspect until a guilty verdict is determined. The court found that Do Kwon's criminal proceeds amount to 233.3 billion won (approximately 176 million USD).As the court accepted this request, Do Kwon is prohibited from selling the mixed-use apartment building "Galleria Foret" located in the Seongdong District of Seoul, a new office building in Nonhyeon-dong, and imported cars. However, the securities stored in future asset securities, deposits held at Woori Bank, and cryptocurrencies stored in exchanges cannot be disposed of. Requests to recover and preserve other financial assets were dismissed. (Source link)

ChainCatcher news, the Southern District Court of Seoul, South Korea, began the arrest review of Daniel Shin, co-founder of Terra and former CEO of Chai Corporation, at 10:30 local time.Previous news, on March 27, South Korean prosecutors pushed for the arrest of Terra co-founder Daniel Shin again. (Source link)

ChainCatcher news, according to News1, the Southern District Court of Seoul, South Korea, has approved the extension of the detention period for Bithumb's actual owner, Kang Jong-hyun (transliteration), until February 20. The prosecution is expected to file charges within the next week after completing further investigations.Earlier reports indicated that on February 2, the minister in charge of the arrest warrant at the Southern District Court of Seoul arrested Kang Jong-hyun, the actual controller of the virtual asset trading platform Bithumb, on charges of embezzlement and dereliction of duty. (source link)

ChainCatcher news, a court in South Korea recently ruled that NFTs are considered speculative activities and are not protected under current legislation. It is reported that the court's ruling was in response to a lawsuit filed by an individual who purchased an NFT but later discovered that the digital artwork was not unique, as the seller had produced multiple copies. The individual sought compensation for their losses, but the court determined that NFTs are speculative investments and are not protected under current consumer protection laws. (source link)

ChainCatcher news, according to South Korean media Daily News, the Seoul Southern District Court recently accepted the prosecution's request to freeze the assets of three early investors in Terra and Luna, as well as four key personnel involved in technical development. This includes 120 billion won (approximately 93 million USD) in assets belonging to the former and current CEOs of Terraform Labs subsidiary Kernel Labs. These individuals are accused of selling pre-issued Luna to make huge profits.It was previously reported by some media that Do Kwon is suspected of laundering money through a South Korean shell company named Kernel Labs. (source link)

ChainCatcher news, according to South Korean media reports, the Seoul Central District Court has rejected the temporary injunction application filed by Wemade's subsidiary Wemix PTE regarding the delisting of WEMIX by crypto trading platforms such as Upbit. Members of the Korea Digital Asset Trading Platform Association (DAXA) will announce the date for the delisting of WEMIX and will proceed with the delisting.ChainCatcher previously reported that on November 24, the Korea Digital Asset Trading Platform Association (DAXA) decided to stop trading support for the blockchain gaming platform Token WEMIX under South Korean gaming giant Wemade to protect investors. As a result, several South Korean exchanges, including Bithumb and Upbit, announced the delisting of WEMIX. (Source link)

ChainCatcher news, according to Forkast, the Southern District Court of Seoul, South Korea, approved a request from local prosecutors on Thursday to freeze approximately $104 million in assets belonging to Terraform Labs co-founder Daniel Shin. Local authorities believe these assets were illegally obtained through the LUNA cryptocurrency.ChainCatcher previously reported that earlier this week, the prosecutor's office summoned Daniel Shin to investigate whether his actions of storing pre-issuance LUNA without notifying ordinary investors and then selling the tokens for a profit of $106 million violated capital market laws. The Seoul Southern District Prosecutor's Office conducted a raid yesterday on Chai Corporation, a payment technology company founded by Daniel Shin. (Forkast)