Terraform Labs co-founder Shin Hyun-Seong, aka Daniel Shin, faces first trial on charges related to illegal profits from the sale of Terra (LUNA).
followreport According to News1 Korea on July 10, a pretrial hearing for Daniel Shin and seven accomplices began in the Southern District Court of Seoul following his indictment in April. Prosecutors reportedly said they deceived investors and manipulated the prices of some tokens through media coverage, and that the transactions initiated in 2018 resulted in “unfair profits.” 462.9 billion Korean won or more than $354 million at the time of release.
Shin reportedly sold LUNA for around $118 million before the token’s price crash in May 2022. He later went on to found Chai Corporation, a fintech company. He reportedly used similar tactics to illegally profit from investors’ funds.
Previously, Shin’s attorney denied reports that he “sold Luna at its peak for a profit.” Or is he profiting through other illegal means?” Shin’s LinkedIn profile shows that he has not been associated with Terra since January 2020, but this information does not appear to include any investments in stocks or tokens. of the company
Do Kwon, one of Terra’s co-founders, was arrested in Montenegro in March. from the use of fake travel documents Authorities sentenced him to four months in prison and he could face extradition to the United States or South Korea at the end of his sentence – South Korean prosecutors issued a warrant for Kwon’s arrest in September 2022.
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