Terra co-founder Daniel Shin charged with fraud in South Korea

Daniel Shin, the co-founder of Terraform Labs, was indicted in South Korea in connection with the collapsed Terra and Luna cryptocurrencies. According to reports from Bloomberg and the local Yonhap News Agency, Shin was charged on Tuesday with offenses including fraud, breach of duty, and embezzlement.

Prosecutors at Seoul Southern District Court also indicted nine other people with ties to Terra, some of whom had roles in marketing, systems development, and management, as reported by Bloomberg. The outlet also reports that prosecutors have frozen a total of 246.8 billion won (about $184.7 million) in assets from the individuals they charged.

“Shin has nothing to do with the Terra, Luna collapse as he left the company two years before the fallout,” Shin’s lawyer, Kim Ki-dong, said in a statement provided to Bloomberg. “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.”