Daniel Shin, co-founder of Terraform Labs, has been indicted by the Seoul Southern District Prosecutors' Office on charges of fraud.
, 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 through unlawful means linked to the Terra blockchain project.
According to the KBS report, Shin was responsible for supervising terrausd 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’s financial broker. Although the prosecution is aiming to seize 246.8 billion won , the process has been far from smooth.
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