The Financial Crimes Unit at the Southern District Prosecutor’s Office in Seoul has indicted Terraform Labs co-founder Shin Hyun-seong and nine others for causing the collapse of the Terra ecosystem.
All 10 individuals were reportedly indicted and sent to trial after an 11-month investigation, with the prosecutor’s office suspicious. The individuals involved in the collapse contributed to nearly $350 million (460 billion Korean won) in illegal profits. reportFrom KBS World, a Korean daily newspaper.
Shin was accused of deceiving investors and mis-advertising the product to cause great harm, knowing the project could not be feasible. Prosecutors also seized the assets of the accused and estimated it to total $180 million (KRW 246.8 billion).
The prosecutor’s indictment came just days after the Seoul District Court announced thatLUNA token It is not a securities and is not subject to the scope of capital market laws. by the previous The court has rejected 10 claims by prosecutors accusing Shin Hyun-seong of violating national security laws.
The latest indictment against Shin and nine other executives comes just a month after former CEO Do kwon was arrested in Montenegro. Prosecutors in Montenegro charged Kwon with forgery.
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