In South Korea, 10 people, including Hyun-seong Shin, co-founder of Terraform Labs, faced various charges.
The indictment of 10 people linked to Terraform Labs, including one of the company’s founding partners, Hyun-seong Shin, comes after 11 months of investigation into Terra’s collapse. The financial crimes unit at the Seoul Southern District Attorney’s Office stated that 10 people from Terraform Labs officials have been facing various charges related to the collapse of the Terraform Terra stablecoin ecosystem. The association of authorized names with many charges became clear after 11 months of investigation.
Information on Accusations Transferred
Authorized names of Terraform Labs were charged with fraud, breach of trust and embezzlement, and were brought to court after an 11-month investigation. According to a Korea-based report, the prosecution suspects people with links to the collapse made illegal profits of around $350 million (460 billion won).
Hyun-seong Shin is accused of misleading investors and causing huge losses by promoting the product, despite knowing that the project is not viable. Prosecutors also confiscated the assets of the accused persons, putting their total value at $180 million (246.8 billion won).
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