Terra blockchain founder Daniel Shin indicted in South Korea
, Daniel Shin and nine others linked to Terra now face multiple charges, including violations of capital markets law, which regulates the nation’s securities and financial markets.
The authorities indicted eight people, including Shin, for illegal trading; two others face breach of trust charges. Prosecutors say all the defendants were directly involved with Terra, having handled marketing, systems development and management. In addition, prosecutors have frozen 246.8 billion won in assets from the defendants. Korean officials said they’re working with the US on the case, although they didn’t go into specifics., TerraUSD isn’t backed by real-world assets or fiat currency.
However, prosecutors allege the Terra blockchain was a “fabrication” from the get-go, with the entire system essentially built on a house of cards. They claim the blockchain’s algorithm that kept TerraUSD at a stable price was “impossible to get right.” Its value collapsed in May 2022, when depositors lost confidence in the platform and simultaneously tried to sell off their investments. At the time of publication, Terra has a value of less than two cents.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Terra Co-Founder Daniel Shin, 9 Others Indicted by South KoreaSouth Korea indicted Terraform Labs co-founder Daniel Shin along with nine others on multiple charges including violations of capital markets law related to the Terra cryptocurrency project, which imploded last year.
Read more »
Terra Co-Founder Daniel Shin Indicted in South Korea: BloombergDaniel Shin, the co-founder of terra_money, has been indicted by South Korea on violations of capital markets law amongst other charges. By JamieCrawleyCD
Read more »
Terra co-founder Daniel Shin charged with fraud in South KoreaShin also faces charges of embezzlement and breach of duty.
Read more »
Terra (LUNA) Not Proved to Be Security According to South Korean CourtSouth Korean media reports that, similarly to other cryptocurrencies, LUNA is not considered a security in that country
Read more »
South Korean Court Rules Terra Crypto Asset LUNC Is Not a Security – Bitcoin NewsIn its recent ruling, the Seoul Southern District Court noted that it finds it challenging to view LUNC as a financial investment product.
Read more »