Terra Co-Founder Daniel Shin Will Have First Trial On May 26

Key Points:

• Terraform Labs co-founder Daniel Shin and seven others are set for their first trial on May 26.
• These people have been charged with fraud concerning the US$40 billion collapse of the crypto and stablecoin project Terra-Luna in May 2022.
• Daniel Shin assembled a defense team of 30 lawyers.

The Seoul Southern District Court will hold the first trial on May 26 against Terraform Labs co-founder Shin Hyun-seung (Daniel Shin) and 7 other associates on charges of related fraud to the collapsed cryptocurrency Terra-Luna.

Local prosecutors indicted Shin and nine others on April 25, although no one was arrested. Shin and seven Terraform employees were charged with fraud. Two other individuals face bribery charges concerning the case, but a court date has not been set. According to local Yonhap News, the fraud charges related to the US$40 billion collapse of cryptocurrency and stablecoin project Terra-Luna in May 2022.

According to Yonhap, the co-founder of Terra, it assembled a team of 30 lawyers to defend himself. The group is said to include eleven lawyers from a law firm that recently hired a former Seoul prosecutor to investigate the Terra-Luna collapse.

Shin founded Terraform Labs in 2018 with Kwon Do-hyeong (Do Kwon), who is currently being held in Montenegro. Kwon was detained in the country last month for allegedly traveling on fake travel documents.

As mentioned earlier, prosecutors said the charges against Shin in the financial fraud case outweigh that of Terraform director Do Kwon. However, prosecutors were not able to convince the local court to approve an arrest warrant for Shin despite two attempts, citing his inability to flee during the investigation.

Daniel Shin has not yet accepted the fraud charges from the prosecutor, saying that it was just a misunderstanding while trying to find a way to make business breakthroughs.

“I’m just trying to do a breakout business, and I’m going to clear up the prosecution’s misunderstanding at trial.” Former CEO Shin said.

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