Decentral Block Post

Amid the ongoing manhunt for Terraform Labs co-founder and CEO Do Kwon, South Korean authorities have spread out their investigations to target other Terra executives. Prosecutors issued an arrest warrant for co-founder Daniel Shin and seven other engineers and investors of the firm following suspicion of gaining illegal profits before the massive collapse of the Terra ecosystem.

The Seoul Southern District Prosecutors Office in South Korea suspected that Shin possessed Terra (LUNA) tokens, which were pre-issued without the public knowledge of investors. In doing so, Shin allegedly bagged profits worth 140 billion won (roughly $105 million) by selling the pre-issued tokens during the bull market.

Arrest warrants were also sought for three Terraform Labs investors and four engineers responsible for TerraUSD (UST) and LUNA initiatives, confirmed local media Yonhap News Agency. On Nov. 19, South Korean authorities seized assets worth over $104 million from Shin under the same suspicion of making unfair profits.

At the time, Shin’s attorney maintained the counter-narrative stating that “Reports that CEO Shin Hyun-seong sold Luna at a high point and realized profits or that he made profits through other illegal methods are not true.”

Speaking against the arrest warrant, Shin pointed out:

Ether (ETH) rallied 5.5% in the early hours of Nov. 29, reclaiming the critical $1,200 support. However, when analyzing a broader time frame, the 24% negative performance in the past 30 days significantly impacts investors' sentiment. Moreover, investors’ mood worsened after BlockFi filed for bankruptcy on Nov. 28.

Newsflow remained negative after the United States Treasury Department's Office of Foreign Assets Control (OFAC) announced a settlement with Kraken exchange for "apparent violations of sanctions against Iran." In a Nov. 28 announcement, the OFAC said Kraken had agreed to pay more than $362,000 as part of a deal "to settle its potential civil liability."

Moreover, on Nov. 28, institutional crypto financial services provider Silvergate Capital denied rumors of significant exposure to BlockFi's bankruptcy. Silvergate added that its losses are lower than $20 million in digital assets and reiterated that BlockFi was not a custodian for its crypto-collateralized loans.

Traders are afraid that Ether could drop below $800 if the bear market continues, but some are also questioning the risk of invalidation. One example comes from crypto Twitter trader @CryptoCapo_:

Let's look at Ether derivatives data to understand if the worsening market conditions have impacted crypto investors' sentiment.

Ether (ETH) rallied 5.5% in the early hours of Nov. 29, reclaiming the critical $1,200 support. However, when analyzing a broader time frame, the 24% negative performance in the past 30 days significantly impacts investors' sentiment. Moreover, investors’ mood worsened after BlockFi filed for bankruptcy on Nov. 28.

Newsflow remained negative after the United States Treasury Department's Office of Foreign Assets Control (OFAC) announced a settlement with Kraken exchange for "apparent violations of sanctions against Iran." In a Nov. 28 announcement, the OFAC said Kraken had agreed to pay more than $362,000 as part of a deal "to settle its potential civil liability."

Moreover, on Nov. 28, institutional crypto financial services provider Silvergate Capital denied rumors of significant exposure to BlockFi's bankruptcy. Silvergate added that its losses are lower than $20 million in digital assets and reiterated that BlockFi was not a custodian for its crypto-collateralized loans.

Traders are afraid that Ether could drop below $800 if the bear market continues, but some are also questioning the risk of invalidation. One example comes from crypto Twitter trader @CryptoCapo_:

Let's look at Ether derivatives data to understand if the worsening market conditions have impacted crypto investors' sentiment.