South Korean Court Holds First Trial Of Terra Co-Founder

While South Korea seeks Terra co-founder Do Kwon’s extradition from Montenegro, prosecutors have pulled Terra co-founder Daniel Shin and 7 others to court on multiple charges. A South Korean court held the first trial of Daniel Shin and 7 others charged with fraud, breach of duty, embezzlement, and violating the Capital Markets Act.

Terra Co-Founder Daniel Shin Preliminary Hearing

During the first hearing at Seoul Southern District Court, lawyers representing Terra co-founder Daniel Shin, former CEO of Chai Corp, asked for more time from Judge Jang Seong-hoon to prepare for criminal defense. Daniel Shin didn’t personally attend the hearing, reported a local news outlet on July 10.

The court has approved the request and set a date of August 28 for a second hearing. The prosecutors are disappointed with continuous delays. The judge said:

“We will check the opinions of the lawyers and reopen the trial preparation date to decide the opportunity for defense and the order of interrogation.”

The first trial was originally scheduled on May 26, but was postponed to this day due to controversy over the fairness of the chief judge. Daniel Shin hired a team of 30 lawyers for his defense, which includes former judges, prosecutors, and lawyers experienced in digital assets-related and capital markets law cases.

On April 25, the Seoul Southern District Prosecutor’s Office indicted Daniel Shin and seven others without detention for multiple charges including fraud, breach of duty, violating of Capital Markets Act, and embezzlement. In addition, two others were indicted for breach of trust.

Also Read: Bitcoin, Ethereum, USDT Trade At Discount On BinanceUS, Arbitrage Opportunity Or Trap?

Terraform Labs Move Crypto and Fiat Assets

CoinGape Media reported that the remaining 5,292 BTC worth $163 million from a Binance wallet of the Luna Foundation (LFG) were moved to an unknown wallet last week.

Terraform Labs (TFL) and co-founder Do Kwon have moved Bitcoin and other crypto assets worth millions in the last few months. Prosecutors believe delays in court proceedings in South Korea and extradition of Do Kwon from Montenegro impacting the case.

Also Read: Terra Luna Classic L1TF Reveals Plan; Validator Burns To Revive $LUNC To $1?

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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