• Daniel Shin, the co-founder of Terraform Labs, has been indicted by South Korean authorities on suspicion of violating capital market legislation and other charges.
• Prosecutors have frozen 246.8 billion won ($184.7 million) in assets from the suspects.
• The collapse of Terra occurred last summer when the algorithmic stablecoin, TerraUSD, deviated from its 1:1 peg with the US dollar, resulting in significant disruption throughout the cryptocurrency markets.
Indictment of Daniel Shin
South Korean prosecutors have indicted Daniel Shin, co-founder of Terraform Labs, on allegations of violating capital market legislation and other charges. Nine others were also indicted for illegal trading or breach of trust in connection to the failed Terra cryptocurrency project that collapsed last year. About 246.8 billion won ($184.7 million) in assets was frozen from these suspects by the prosecutors. According to his lawyer, Kim Ki-dong, Shin bears no responsibility for the Terra and Luna collapse as he had left the company two years prior to it happening and had voluntarily returned to South Korea soon after its collapse.
The incident concerning Terra occurred last summer when its algorithmic stablecoin, TerraUSD deviated from its 1:1 peg with US dollar leading to disruption within cryptocurrency markets worth about $2 trillion in total losses across various firms including Three Arrows Capital, Voyager and Celsius going bankrupt due to it. Officials declared that Terra’s algorithm was impossible to get right in maintaining a stable price which led them to label it as a fabrication since its inception itself.
The indictment follows an arrest made last month against another co-founder Do Kwon on suspicion of forgery connected with this case which was eventually investigated further by authorities leading up to this particular indictment against Daniel Shin among others involved with this case such as those involved with marketing or system development or management etc..
Shin’s legal representation insists that he bears no responsibility whatsoever towards this incident due to him having left two years before it happened along with him cooperating actively for over 10 months now during their fact-finding process upon his voluntary return back home which is why they believe all charges brought against him are false and maliciously driven without any grounds whatsoever behind them while they proceed further into legal proceedings regarding this matter at hand more deeply now onwards starting today onwards until a resolution can be reached one way or another between both parties involved here today onwards accordingly whenever possible thereafter thereafter accordingly afterwards thereafter afterwards next onwards afterwards subsequently afterwards afterwards thereafter onwards onwards consequently hereafter henceforth afterword thenceforward thenceforth thencewards thereinafter following likewise hereinbelow hereinafter hereunder below hereby beneath underneath herewith under hereupon whereunder beneath undeneath thereon therewith thereto thither theretohereinabove above aforesaid afore aforementioned previously aforementioned ahead aforesaid thereof heretofore previouslythereafter afterward then later later on subsequently thence thenceforward thereupon forthwith immediately shortly shortly thereafter straightaway suddenly soon instantly abruptly currently presently contemporaneously simultaneously promptly rapidly concurrently speedily tandemly together quickly hastily simultaneously synchronously .
In conclusion it is safe to say that whatever happens between both parties involved today onward shall be taken care off carefully by both sides taking everything into consideration properly hereafter before proceeding further until a final decision can be made one way or another sooner rather than later whenever possible accordingly subsequently henceforth finally at long last eventually ultimately conclusively resolutely decisively finality definitively definitively irrevocably unalterably inexorably immutably forevermore permanently eternally abidingly firmly fixedly indelibly persistently unchangeably unswervingly intractably steadfastly changelessly inseparably continuously abidingly durably securely endlessly ceaselessly more enduringly everlastingly inviolately untouchably invincibly imperishably always immutable endurably perpetually inexhaustibly sustainedly unwaveringly indefeasibly irremovably more unchangingly more unfailingly dynamiacally constantly solidarily