Terra co-founder Daniel Shin will appear at the Seoul Southern District Court for his first trial on May 26. South Korean prosecutors indicted Daniel Shin and nine others on multiple charges including fraud related to the May 2022 Terra-LUNA crash that wiped out $40 billion of investors’ wealth.
Meanwhile, South Korea prepares for extradition of another Terra co-founder Do Kwon, who remains detained in Montenegro, awaiting court proceedings on passport forgery and extradition cases.
South Korea Sets Trial Date For Terra’s Daniel Shin
South Korea’s Seoul Southern District Court will hold the first trial on May 26 for Terra co-founder Daniel Shin and seven others indicted with multiple charges including fraud, breach of duty, and embezzlement, reported local news agency Yonhap.
On April 25, the Seoul Southern District Prosecutor’s Office indicted Daniel Shin and seven others without detention for multiple charges including fraud, breach of duty, violating of Capital Markets Act, and embezzlement. However, two affiliates were indicted for breach of trust.
Daniel Shin has hired a team of 30 lawyers for his defense, which includes former judges and prosecutors, along with lawyers experienced in handling digital assets-related and capital markets law cases. The team even has a prosecutor from the Seoul Southern District Prosecutor’s Office’s joint investigation team that investigated the Terra-LUNA crisis.
In response to prosecutors claiming Shin had a larger part than former Terraform Labs CEO Do Kwon in the Terra-LUNA collapse, Daniel Shin said:
“I was just attempting a groundbreaking business, and I will clear up the prosecution’s misunderstanding at the trial.”
Despite several prior attempts, prosecutors have failed to convince the court to arrest Daniel Shin. The court had also dismissed prosecutors’ appeal to confiscate Daniel Shin’s assets, stating LUNA is not a security.
Prosecutors Confident Over Do Kwon Extradition to South Korea
Dan Sung-han, director at the Seoul Southern District Prosecutor’s Office, said Terra co-founder Do Kwon should be extradited to South Korea rather than the US. He claims most evidence and Terra affiliates are in South Korea. Do Kwon can face a 40-year prison sentence if convicted in South Korea.
South Korean prosecutors have frozen assets worth $176 million belonging to Do Kwon, CEO of Terraform Labs, over allegations that he defrauded investors in the Terra-Luna project
Terra (LUNA) and Terra Classic (LUNC) prices remain under pressure after Do Kwon’s arrest and prosecutors continued action against Daniel Shin and related entities. LUNA price trades at $0.95, while LUNC price is at $0.000089, down 2% in the last 24 hours.
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