South Korea’s Prosecutor Files Charges Against Terra Co-founder Daniel Shin

South Korean prosecutors indicted on April 25 Terraform Labs co-founder Shin Hyun-seung on allegations of fraudulent transactions related to the company’s cryptocurrency project, which collapsed last year.

His lawyers have denied the charges. Shin founded the company with Kwon Do-hyeong, who is currently under arrest in Montenegro for similar charges.

At a press conference in Seoul, Dan Sung-han, the director of the city’s Southern District financial crime team, said Shin and seven others face fraud charges, while two other individuals are accused of bribery.

It is believed that Shin was responsible for promoting the Terra-Luna stablecoin and crypto project, which never came to fruition.

It’s estimated that he attracted investments of around 122 billion Korean won (US$91 million) for his payments platform company, Chai Corp.