Another co-founder of Terra started the experiment in Seoul
Share this article
Terraform Labs founder Daniel Shin made his first appearance at the Seoul Southern District Court on July 10, according to local Korean media. Shin and seven former employees were indicted on April 25, 2023, according to prosecutors, including several counts of fraud and market violations:
Since 2018, the business has successfully deceived investors by hiding the virtuality of the Terra project through marketing fraud and false advertising, and then by removing coins before the Luna Coin disaster in May of last year, unfairly 462.9 billion won and 376.9 billion won.
The lawsuit follows an intense investigation into Terraform's activities, which allegedly destroyed more than $40 billion in investor wealth.
Shin's defense team asked for more time to prepare for the trial, saying the complexity of the case required more technical support, South Korean news channel Chosun Biz reported. The court scheduled the second hearing for August 28.
“To date, Shin's side has not commented on the hearing. The list of evidence is vast, and it takes time to evaluate it.
Shin also did not appear in court because the defendant is not required to attend the initial hearing in South Korea, Chosun Biz reported.
Prosecutors' case focuses on the Terra Classic (USTC) stablecoin project. They called the project “fictional” and said it was unintended. In a statement released by the Seoul Southern District Prosecutor's Office:
Terraform Labs members made a profit of at least KRW 462.9 billion by dumping their coins before the crash.
In addition to the profits, authorities were able to freeze 247 billion won in assets. Shin's defense attorneys have vehemently denied all allegations.
In May, the court rejected a second attempt by prosecutors to obtain Shin's arrest warrant, ruling that Shin could not tamper with evidence or evade authorities. In Europe, Shin's co-founder and chief financial officer, Do Kwon and Han Chang-jun, are awaiting extradition to South Korea or the United States after being charged in Montenegro with passport and ID fraud, respectively.
Share this article
The information contained or included in this website is obtained from independent sources that we believe to be accurate and reliable, but we make no representations or warranties as to the timeliness, completeness or accuracy of information obtained through this website. . Decentralized Media, Inc. Not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or incorrect. We may, but are not obligated to, update any outdated, incomplete or inaccurate information.
You should not make an investment decision in an ICO, IEO or other investment based on the information on this website and you should never interpret or rely on any information on this website as investment advice. If you are seeking investment advice on an ICO, IEO or other investment, we strongly recommend that you consult a licensed investment advisor or other qualified financial professional. We do not receive compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities or commodities.
See full terms and conditions.
