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Daniel Shin, co-founder of Terraform Labs, had his first hearing held by Seoul’s Southern District Court on July 10, as reported by local Korean media. Prosecutors addressed several charges, including fraud and market law violations, which Shin and seven of his former employees were charged with on April 25, 2023:
“Since 2018, while hiding the fictitiousness of the Terra project, they deceived investors as if the business was being successfully promoted through transaction manipulation and false publicity, and then disposed of coins before the Luna coin crash in May of last year, making an unfair profit of 462.9 billion won and making 376.9 billion won.”
The indictment followed a meticulous investigation into Terraform’s activities, which allegedly led to the collapse of over $40 billion in investor wealth.
Shin’s defense team asked for more time for trial preparation, claiming the complexity of the case required further technical support, according to South Korean news site Chosun Biz. The court scheduled the second trial preparation date for August 28:
“Until this day, Shin’s side did not submit an opinion on the trial. The list of evidence is extensive, and it is the position that more time is needed to review it.”
Shin also didn’t appear in court because the defendant is not required to attend the first trial in South Korea, Chosun Biz clarified.
The prosecutors’ case concentrated on the Terra Classic (USTC) stablecoin project by Terra. They claimed the project was ill-conceived and labeled it “fictitious.” According to stateme
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Author: Emily Tonelli
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