Daniel Shin, the co-founder of terra_money, has been indicted by South Korea on violations of capital markets law amongst other charges. By JamieCrawleyCD
The co-founder of the firm behind failed Terra cryptocurrency project was indicted alongside nine others, with prosecutors freezing 246.8 billion won in assets from those indicted, according to the report, which cited head prosecutor Dan Sung Han.
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."following on arrest on charges of forgery in March.
The collapse of Terra last summer caused by its algorithmic stablecoin TerraUSD plunging from its 1:1 peg with the U.S. dollar sent shockwaves through the crypto markets, prompting a string of bankruptcies among crypto firms including hedge fund Three Arrows Capital and lenders Voyager and Celsius.
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