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- Founded in 2018, TerraForm Labs faces legal consequences due to the UST crash.
- TerraForm Labs co-founder Daniel Shin is ordered to arrive at court in late May.
- After two attempts, prosecutors still failed to get an arrest warrant on Mr. Shin.
South Korean authorities are continuing to investigate last year’s Terra Luna fiasco. Daniel Shin of TerraForm Labs is scheduled to arrive for the first hearing on May 26th, 2023.
This has been revealed by the Seoul Southern District Court, which also charged seven other co-founders of TerraForm Labs, including the notorious crypto fugitive Do Kwon. Meanwhile, Kwon is in a Montenegrin jail, awaiting repatriation back to South Korea.
Co-Founder Prepares All-Star Lawyer Team
Daniel Shin’s defense team will consist of top-notch lawyers. According to Yonhap News, the former CEO of Chai Corporation has hired well-known ex-judges and prosecutors specializing in Capital Market law.
One attorney team member, Park Hyung-Cheol, previously worked as an anti-corruption secretary at the Blue House. However, this shouldn’t be surprising – crypto entrepreneur Daniel Shin has a well-connected family, including a former Minister of Justice in his grandfather.
Interestingly, the South Korean prosecutors claim that all co-founders of TerraForm Labs used to promote the two coins – Terra (LUNA) and Terra USD (UST) as ‘safe investments,’ knowing that shilling of these ‘securities’ is illegal. However, the defendant’s team is begging to differ that those crypto assets are securities.
Ultimately, the outcome of the infamous TerraForm Labs trial for fraud and market manipulation might set a precedent in crypto-related cases and bring more clarity, as well as serve justice to the numerous harmed investors.
On The Flipside
- Neither Daniel Shin nor any of the seven co-founders were arrested despite the indictment.
Why You Should Care
The Terra (LUNA) and Terra (UST) crash in May 2022 wiped out over $40 billion in crypto assets and is linked to the demise of multiple previously-successful crypto hedge funds.
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