Breaking News: Daniel Shin of Terra Indicted in South Korea!
- South Korean prosecutors indict Terra co-founder Daniel Shin and 9 others for multiple charges, including capital markets law violation, illegal trading, and breach of trust.
- Seoul Southern District Prosecutors’ Office freezes assets worth $184.7 million from the indictees.
- The indictment marks the first step in the prosecutor’s attempt to bring those involved in the Terra blockchain to trial.
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.
This is a significant development in the ongoing Terra blockchain scandal, which has already seen the arrest of Shin’s counterpart, Do Kwon, in Montenegro. The indictment marks the first step in the prosecutor’s attempt to bring those involved in the Terra blockchain to trial.
According to a report by Bloomberg, the Seoul Southern District Prosecutors’ Office has frozen assets worth 246.8 billion won ($184.7 million) from the indictees. This is a significant sum of money, and it remains to be seen how the defendants will respond to this development.
The Terra blockchain scandal has been ongoing for some time and has already resulted in the seizure of houses, cars, and other assets from Shin and other unnamed employees of the failed crypto project. While Shin had earlier denied his involvement in the project, it is clear that the authorities view him as a key figure in the scandal.
It is worth noting that 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. However, it appears that the authorities have now found sufficient evidence to indict him.
Meanwhile, South Korea and the U.S. are trying to extradite Kwon to answer criminal charges for his role in Terra’s demise. This is likely to be a protracted legal battle, and it remains to be seen how it will play out.
Terra blockchain scandal is a major development in the world of cryptocurrency, and it highlights the need for greater regulatory oversight in this space. It remains to be seen what the long-term impact of this scandal will be on the wider crypto industry, but it is clear that it has already had significant repercussions for those involved.
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