Terra co-founder Daniel Shin appears in a South Korean court
- Daniel Shin, co-founder of Terraform Labs, has appeared before a South Korean court for cross-examination.
- Shen believes that he has not wrongly promoted TMON’s payment services to gain unnecessary profits.
- South Korea is seeking the extradition of co-founder Do Kwon from Montenegro.
Terraform Labs co-founder Shin Hyun-Seong aka Daniel Shin reportedly appeared before the Seoul South District Court in Yangcheon-gu earlier today. South Korean authorities stepped up efforts to arrest Shin shortly after his former business partner was arrested in Montenegro earlier this week.
South Korean local media reported earlier today that Daniel Shin was brought to court after obtaining a second warrant for interrogation. Yeo Hwan Woo, the chief judge in charge of the arrest warrants, reportedly conducted an arrest review of the co-founder prior to his possible arrest. Sheen was questioned about his role in the defunct crypto company.
Prosecutors charged Daniel Shin with fraudulently promoting Terra-Luna-based payment services and making 140 billion won ($105 million) in the process. The prosecution further alleged that the co-founder continued to market TMON as a secure payment service despite knowledge of Terra’s imminent collapse.
Chen’s appearance in court comes after a second warrant was issued demanding that he be questioned. The initial order was issued on March 27, with the Joint Financial and Securities Crimes Investigation Team of the Seoul Southern District Prosecutors’ Office alleging that Shin violated the country’s Capital Markets Law, Electronic Financial Transactions Law, and Specific Financial Information Law, among several other charges. .
In this recall, charges of fraud in financial investment products (fraudulent and illegal transactions under the Capital Markets Act and fraud under private law), which were not included in the first warrant request, violation of the Specific Financial Information Act, breach of trust, and breach of trust have been added. in business,” an official from the prosecution stated.
The review of Daniel Shin’s arrest comes nearly a week after his partner Do Kwon was arrested in Montenegro. Kwon was caught leaving the country using fake identity documents. The country’s justice minister said at a recent press conference that Kwon’s extradition was at the request of South Korea and the United States.
Terra co-founder Daniel Shin appeared in the South Korean court for the first time in Coin Edition.