South Korea indicts Terra co-founder Daniel Shin News ▸ South Korea ▸ Terra ▸ Legal
South Korea indicts Terra co-founder Daniel Shin
Shin had previously denied his involvement with Terra, saying he left the company long before the project collapsed.
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Updated: Jul. 16, 2023 at 2:55 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
South Korean prosecutors have indicted Terraform Labs co-founder Daniel Shin and nine others for multiple charges — including capital markets law violation, illegal trading, and breach of trust.
On April 25, Bloomberg reported that the Seoul Southern District Prosecutors’ Office said it has frozen assets worth 246.8 billion won ($184.7 million) from the indictees. CryptoSlate reported that South Korean authorities seized houses, cars, etc., from Shin and other unnamed employees of the failed crypto project.
The indictment marks the first step in the prosecutor’s attempt to bring those involved in the Terra blockchain to trial. Shin had earlier denied his involvement saying that he had left the company long before the project collapsed.
Previous attempts to arrest Shin in 2022 were frustrated after a South Korean court refused to grant the arrest warrant. The court held that Shin did constitute a flight risk.
His counterpart, Do Kwon, is facing charges in Montenegro for using forged documents to gain entry into the country. He was arrested while trying to flee the country to Dubai.
South Korean authorities previously revealed that Kwon converted most of his properties into Bitcoin (BTC) and moved them into crypto exchanges outside the country.
Meanwhile, South Korea and the U.S. are trying to extradite Kwon to answer criminal charges for his role in Terra’s demise.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.