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- Founded in 2018, TerraForm Labs is facing legal consequences due to Underground tanks crash.
- TerraForm Labs co-founder Daniel Shen was ordered to appear in court in late May.
- After two attempts, prosecutors failed to obtain an arrest warrant for Mr. Shin.
South Korean authorities They continue to investigate last year’s Terra Luna fiasco. Daniel Shen of TerraForm Labs is scheduled to arrive for the first session on May 26, 2023.
This was revealed by the Seoul Southern District Court, which also indicted seven other founders of TerraForm Labs, including the notorious crypto fugitive. Do Kwon. Meanwhile, Kwon is in a Montenegro prison, awaiting his return to South Korea.
The co-founder prepares the attorney’s all-star team
Daniel Shin’s defense team will consist of first-class attorneys. According to Yonhap News, the former CEO of Chai Corporation has hired well-known former judges and prosecutors who specialize in capital market law.
One of the members of the lawyers team, Park Hyung-cheol, previously worked as the Anti-Corruption Secretary at the Blue House. However, this should come as no surprise — crypto entrepreneur Daniel Shen has a well-connected family, including his grandfather’s former Minister of Justice.
Interestingly, the South Korean prosecutors claim that all the founders TerraForm parameter Used to promote the two currencies – Terra (LUNA) and Terra USD (UST) as “safe investments”, knowing that shilling these “securities” is illegal. However, the defendant team pleads to disagree that these crypto assets are securities.
In the end, it was the result of the infamous TerraForm Labs trial for fraud and Market manipulation It would set a precedent in cryptocurrency-related cases and bring more clarity, as well as justice, to the many affected investors.
🔔 Co-founder of # Conjugation Labs, Daniel Shin, and seven other partners will go to trial for the first time on May 26. He is accused of fraud related to the failure of the stablecoin and cryptocurrency project Terra-Luna. The project resulted in a loss of $40 billion.
– Granita Academy (we are hiring) (granitacademy) May 11, 2023
on the flip side
- Neither Daniel Sheen nor any of the seven co-founders have been arrested despite the indictment.
Why should you bother
The May 2022 crash of Terra (LUNA) and Terra (UST) wiped out over $40 billion in crypto assets and is linked to the demise of many previously successful crypto hedge funds.
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