Legal proceedings begin for Terraform Labs co-founder Shin Hyun-Seong in South Korea. Allegations include manipulating token prices and deceiving investors.
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 .
According to a July 10 report from News1 Korea, a trial preparation hearing for Shin and 7 alleged accomplicesin 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 won — more than $354 million at the time of publication.
Shin reportedly sold roughly $118 million worth of LUNA prior to the price of the token crashing in May 2022. He later went on to found the fintech firm Chai Corporation, where he reportedly employed similar tactics to illicitly profit from investor funds.suggesting he “sold Luna at a high point and realized profits or that he made profits through other illegal methods”.
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