South Korean authorities have reportedly asked Terraform Labs co-founder Shin Hyun-Seong, aka Daniel Shin, to appear as part of an investigation into the company’s collapse.
According to a report on Nov. 14 from Hankyoreh, the Financial and Securities Crime Investigation Team of the Southern District Prosecutor’s Office of Seoul. announcethat Daniel Shin should appear before prosecutors sometime this week Authorities reportedly allege that the Terra co-founder held a large stake in LUNA tokens and made approximately 140 billion won — more than $105 million at the time of publication — from profits from illicit sales. before the company collapsed
“Reports that CEO Shin Hyun-seong sold Luna at a high price and made a profit. or profiting through other illegal means is not true,” Shin’s lawyer said.
According to Shin’s LinkedIn profile, he has not been involved with Terraform Labs since January 2020. Shin founded Chai Corporation, a fintech firm. which he is currently the CEO
Although Shin is still in South Korea, his Terra co-founder, Do Kwon, has also been a target for prosecutors. But reports about Kwon’s location have been mixed, from Singapore to other countries following the fall of Terra, but Kwon has repeatedly stated that he did not “escape.”
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