Start of legal proceedings for the co-founder of Terraform Labs in South Korea: Report

Terra co-founder Do Kwon is currently being held in Montenegro, while preparations for Daniel Shin's trial in South Korea are reportedly underway. course.

Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, reportedly had his first hearing on charges related to allegedly illicit profits from the sale of Terra (LUNA).

According to a July 10 report by News1 Korea, a pre-trial hearing for Shin and seven alleged accomplices has begun in a court in Seoul's Southern District following his indictment in April. Prosecutors allegedly said they deceived investors and manipulated the price of certain tokens through media coverage and transactions from 2018, resulting in "unfair profits" of approximately 462.9 billion Korean won, or more than $354 million at press time.

Shin reportedly sold around $118 million worth of LUNA before the token's price crashed in May 2022. He went on to found fintech company Chai Corporation, where he allegedly used similar tactics to illicitly profit funds from investors.< /p>

Shin's lawyer previously denied reports suggesting that he "sold Luna at a high time and made a profit or made a profit through other illegal methods." Shin's LinkedIn profile showed that he had not been involved with Terra since January 2020, but that information apparently does not include any investment with the company's stock or tokens.

Related: $176M Do Kwon Assets Frozen: Report