Terra Co-Founder Daniel Shin Indicted in South Korea: Bloomberg

Daniel Shin, the co-founder of Terraform Labs, was indicted by South Korea on violations of capital markets law amongst other charges, Bloomberg reported on Tuesday.

The co-founder of the firm behind failed Terra cryptocurrency project was indicted alongside nine others, with prosecutors freezing 246.8 billion won ($184.7 million) in assets from those indicted, according to the report, which cited head prosecutor Dan Sung Han.

Shin’s lawyer Kim Ji-dong said he has “nothing to do with the … collapse as he left the company two years before the fallout,” according to the report. “He voluntarily returned to South Korea immediately after the collapse, and has been faithfully cooperating with the probe for over 10 months, hoping to contribute to fact finding.”

Shin’s co-founder Do Kwon was indicted in Montenegro last week following on arrest on charges of forgery in March.

The collapse of Terra last summer caused by its algorithmic stablecoin TerraUSD plunging from its 1:1 peg with the U.S. dollar sent shockwaves through the crypto markets, prompting a string of bankruptcies among crypto firms including hedge fund Three Arrows Capital and lenders Voyager and Celsius.

Edited by Sheldon Reback.

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