Cryptocurrency

South Korea indicts Terra co-founder Daniel Shin

South Korean prosecutors have charged Terraform Labs co-founder Daniel Shin and nine others with multiple charges, including capital market law violations, illegal trading and breach of trust.

April 25, Bloomberg report The Seoul Southern District Prosecutor’s Office said it had frozen assets worth 246.8 billion won ($184.7 million) from the suspects. crypto slate has reported that South Korean authorities have seized a home, car, and more from Shin and other unnamed employees of a failed cryptocurrency project.

The indictment is the first step in prosecutors’ attempts to bring those involved with the Terra blockchain to justice. Singh previously denied his involvement, saying he left the company long before the project fell apart.

An earlier attempt to arrest Shin in 2022 was foiled after a South Korean court refused to issue an arrest warrant. The court determined that Shin constituted an escape risk.

His counterpart, Do Kwon, has been charged in Montenegro with using forged documents to enter the country. He was arrested while trying to flee the country to Dubai.

South Korean authorities had previously revealed that Kwon had converted most of his assets into Bitcoin (BTC) and transferred them to foreign cryptocurrency exchanges.

Meanwhile, South Korea and the United States are attempting to extradite Kwon and are ready to respond to criminal charges against Kwon’s role in Terra’s demise.

The post in which South Korea indicted Terra co-founder Daniel Shin first appeared on CryptoSlate.

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