- Terraform Labs cofounder Daniel Shin was indicted by authorities in South Korea, per Bloomberg.
- The previous crypto exec is dealing with a number of fees together with violations of capital markets legislation.
- 9 others have been additionally indicted in relation to the $60 billion crash of TerraUSD and sister token Luna.
Daniel Shin, the cofounder of Terraform Labs, was indicted by South Korea on Tuesday.
The previous crypto exec, together with 9 others, are dealing with a number of fees together with violations of capital markets legislation associated to the fallout of Terra, in accordance with Bloomberg.
Prosecutors froze 246.8 billion gained ($184.7 million) in property to date, per the report, citing head prosecutor Dan Sung Han.
Shin’s lawyer, Kim Ji-dong, mentioned the exec has “nothing to do with the Terra, Luna collapse as he left the corporate two years earlier than the fallout,” the report reads. “He voluntarily returned to South Korea instantly after the collapse, and has been faithfully cooperating with the probe for over 10 months, hoping to contribute to reality discovering.”
Do Kwon, the opposite cofounder of Terra, was arrested in Montenegro by authorities final month. He was later charged with fraud by federal prosecutors in New York.
The autumn of algorithmic stablecoin terraUSD (UST) and sister token Luna, as soon as price a mixed $60 billion in worth, despatched crypto markets spiraling final 12 months, taking out trade giants like hedge fund Three Arrows Capital, brokerage Voyager Digital, and lender Celsius.
