Daniel Shin indicted in South Korea - Daniel Shin, Terraform Labs co-founder has been indicted by South Korean prosecutors. Daniel faces multiple char
Daniel Shin indicted in South Korea – Daniel Shin, Terraform Labs co-founder has been indicted by South Korean prosecutors. Daniel faces multiple charges alongside 9 others. The charges include capital markets law violation, illegal trading, and breach of trust.
According to a Bloomberg report, Shin, among seven others is facing charges of illegal trading, while the other two are facing a breach of trust violation. At a press briefing on April 25, the Prosecutors stated that all those involved have ties with Terra.
Seoul Southern District Prosecutors’ Office said they have frozen 246.8 billion won which converts to $184.7 million from the indicted people. Further reports show that other assets seized from Shin and employees include houses, cars, etc.
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Previously, Shin denied his involvement stating that he was no longer a member of the company long before the project crashed. His Lawyers had previously stated that he left the company in 2020 long before the Terra system crash. The indictment is the first step in further legal actions to be taken against those involved. His LinkedIn profile shows that the former boss went on to set up PortOne Global, a payment company.
Back in 20202, Shins’ arrest was attempted but was not successful after an arrest warrant was refused by a South Korean Court. Shins’ Co-founder and Terraform Labs CEO Do Kwon, is also facing charges in Montenegro for entering the country with forged documents. He was apprehended while attempting to flee the country to Dubai.
South Korean Authorities previously reported that Do Kwon had converted all his physical assets into Bitcoin and transferred them into offshore cryptocurrency exchanges.
Prosecutors, in a press briefing on April 25 called the Terra project a “fabrication.” The Seoul Southern District Prosecutors’ Office has been contacted for further comment at this moment.
Furthermore, South Korea and the United States are trying to extradite Do Kwon to face criminal charges for his role in Terra’s crash.