South Korean Prosecutors Indict Terraform Labs Co-Founder and 9 Others

South Korean prosecutors have indicted Terraform Labs co-founder Daniel Shin and nine others for multiple charges. Here’s the latest development on this story.

What Happened

The Seoul Southern District Prosecutors’ Office indicted Terraform Labs co-founder Daniel Shin and nine others for multiple charges, including capital markets law violation, illegal trading, and breach of trust. The indictment marks the prosecutor’s attempt to bring those involved in the Terra blockchain to trial.

Asset Freeze

Authorities seized cars, houses, and other properties from Shin and his employees. The prosecution also froze assets worth 246.8 billion won ($184.7 million) from the indictees.

Shin Denies Involvement

Shin previously denied his involvement in the failed crypto project, stating that he had left the company long before the project collapsed.

Arrest Attempt

South Korean authorities attempted to arrest Shin in 2022, but the move followed frustration after the Seoul court refused to grant the arrest warrant, holding that he was a flight risk.

Counterpart Facing Montenegro Charges

Do Kwon, Shin’s counterpart, is also facing charges in Montenegro for using forged documents to get into the country. Authorities in Korea and the U.S. are trying to extradite Kwon to answer criminal charges for his role in Terra’s collapse.  Kwon allegedly converted most of his assets into Bitcoin and moved them to crypto exchanges outside the country.

That’s all we have on this story now.
[h/t Oluwapelumi Adejumo]


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