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Terraform Labs Co-founder Shin, 9 Others Indicted

Written: 2023-04-25 16:04:38Updated: 2023-04-25 16:37:35

Terraform Labs Co-founder Shin, 9 Others Indicted

Photo : YONHAP News

Terraform Labs co-founder Shin Hyun-seung and nine other individuals have been referred to trial eleven months after the prosecution launched an investigation into the massive collapse of the blockchain firm's cryptocurrencies.

A financial crimes unit at the Seoul Southern District Prosecutors’ Office on Tuesday indicted the ten without detention on charges of fraud, embezzlement, breach of trust and violation of related laws, suspecting they amassed illicit profits of some 460 billion won, or nearly 350 million U.S. dollars.

Widely known as Daniel Shin, he is regarded as a key figure in the case along with fellow co-founder Kwon Do-hyeong, commonly known as Do Kwon, who is facing trial in Montenegro for document forgery. 

Shin, who oversaw TerraUSD payments and transactions for four years from July 2018, is suspected of falsely promoting the product and deceiving investors to inflict major losses despite knowing that the project was unrealistic.

The former Tmon founder and CEO was indicted along with seven former and current employees of Terraform Labs and a financial broker.

Prosecutors have also taken measures to seize the assets of the ten individuals, worth a total of some 246-point-eight billion won.

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