{"id":20224,"date":"2023-04-25T19:15:50","date_gmt":"2023-04-25T19:15:50","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/terraform-labs-co-founder-indicted-on-fraud-charges-in-south-korea-bitcoin-news\/"},"modified":"2023-04-25T19:15:50","modified_gmt":"2023-04-25T19:15:50","slug":"terraform-labs-co-founder-indicted-on-fraud-charges-in-south-korea-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/terraform-labs-co-founder-indicted-on-fraud-charges-in-south-korea-bitcoin-news\/","title":{"rendered":"Terraform Labs Co-Founder Indicted on Fraud Charges in South Korea \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Recent local reports have brought to light that Shin Hyun-seong, also known as Daniel Shin, co-founder of Terraform Labs, has been indicted by the Seoul Southern District Prosecutors\u2019 Office on charges of fraud. Along with nine others, Shin is suspected of deceiving investors and accumulating around 460 billion won ($350M) before the Terra project ultimately failed.<\/strong><\/p>\n

Daniel Shin Indicted With 9 Other Terra Associates<\/h2>\n

KBS World, a regional South Korean publication, has revealed<\/a> that ten individuals, including Daniel Shin<\/a>, have been indicted in South Korea. Although they have not been detained, the suspects have been charged with financial law violations, embezzlement, and fraud. The South Korean authorities suspect that this group of individuals raised 460 billion won ($350M) through unlawful means linked to the Terra blockchain project.<\/p>\n

According to the KBS report, Shin was responsible for supervising terrausd (UST) (now known as USTC) payments for four years, starting from July 2018. Prosecutors have reason to believe that false advertising was utilized during this period. Seven of the ten suspects who were indicted worked for Terraform Labs, while one was Shin\u2019s financial broker. Although the prosecution is aiming to seize 246.8 billion won ($184.7M), the process has been far from smooth.<\/p>\n

In a recent ruling<\/a>, the court in Seoul stated that the original Terra asset, now referred to as LUNC, is not a security. As a result, the Seoul prosecutors\u2019 office had difficulty confiscating Daniel Shin\u2019s cryptocurrency assets due to this provision. After eleven months of investigations, the Seoul prosecutors\u2019 office is now bringing the accused to trial. Notably, the indictment report does not mention co-founder Kwon Do-hyeong, commonly known as Do Kwon<\/a>.<\/p>\n

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Blockchain<\/a>, co-founder<\/a>, Cryptocurrency Assets<\/a>, Daniel Shin<\/a>, Fraud Charges<\/a>, indicted<\/a>, Investors<\/a>, prosecution<\/a>, South Korea<\/a>, Terra project<\/a>, terraform labs<\/a>, Trial<\/a><\/div>\n<\/div>\n

What do you think about Daniel Shin being indicted by the Seoul prosecutors\u2019 office? Share your thoughts about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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