Legal proceedings start for Terraform Labs co-founder in South Korea: Report
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Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, has reportedly had his first hearing for charges related to allegedly illicit profits from the sale of Terra (LUNA).
According to a July 10 report from News1 Korea, a trial preparation hearing for Shin and seven alleged accomplices began in a Seoul Southern District Court following his indictment in April. Prosecutors have reportedly said they deceived investors and manipulated the price of certain tokens through media coverage and transactions starting in 2018, resulting in “unfair profits” of roughly 462.9 billion Korean won — more than $354 million at the time of publication.
