South Korean prosecutors have indicted Terraform Labs co-founder Daniel Shin and nine others on multiple counts, including violation of capital markets law, illegal trading and breach of trust.
April 25, Bloomberg reported that the Seoul Southern District Prosecutor’s Office said it froze assets worth 246.8 billion won ($184.7 million) of the defendants. CryptoSlate reported that South Korean authorities have seized homes, cars, etc., of Shin and other anonymous employees of the failed crypto project.
The indictment marks the first step in the prosecutor’s attempt to bring those involved in the Terra blockchain to justice. Shin previously denied his involvement saying he left the company long before the project collapsed.
Previous attempts to arrest Shin in 2022 failed after a South Korean court refused to grant the arrest warrant. The court ruled that Shin was a flight risk.
His counterpart, Do Kwon, is accused in Montenegro of using false documents to enter the country. He was arrested while trying to flee the country to Dubai.
South Korean authorities previously revealed that Kwon had converted most of his properties into Bitcoin (BTC) and transferred them to crypto exchanges outside the country.
Meanwhile, South Korea and the United States attempt to extradite Kwon to face criminal charges for his role in Terra’s disappearance.
The South Korea post accuses Terra co-founder Daniel Shin of appearing first on CryptoSlate.