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Terra Co-Founder Daniel Shin Indicted in South Korea: Bloomberg

Shin was indicted with nine others as prosecutors froze $185 million in assets.

Updated Apr 25, 2023, 1:14 p.m. Published Apr 25, 2023, 11:33 a.m.

Terra co-founders Daniel Shin and Do Kwon (Terraform Labs)

Daniel Shin, a co-founder of Terraform Labs, the firm behind the failed Terra cryptocurrency project, was indicted by South Korea on violations of capital-markets law among other charges, Bloomberg reported on Tuesday.

Shin was indicted alongside nine others, as prosecutors froze 246.8 billion won ($184.7 million) in assets from those indicted, according to the report, which cited head prosecutor Dan Sung Han.

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Shin's lawyer, Kim Ji-dong, said he has “nothing to do with the ... collapse as he left the company two years before the fallout," according to the report. “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."

Do Kwon, Terra's other co-founder, was indicted in Montenegro last week after he was arrested on charges of forgery in March.

The collapse of Terra last year caused by its algorithmic stablecoin terraUSD plunging from its 1:1 peg with the U.S. dollar sent shock waves throughout the crypto markets, prompting a string of bankruptcies among crypto firms, including hedge fund Three Arrows Capital and lenders Voyager Digital and Celsius Network.

Terra terraform labs Do Kwon South Korea Arrest

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