The South Korean prosecution has transferred Terraform Labs co-founder Daniel Shin and other involved individuals for trial

2023-04-25 14:16:22

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ChainCatcher news, the Southern District Prosecutors' Office of Seoul, South Korea, has prosecuted Daniel Shin and 7 other managers and staff related to the Terra project without detention on suspicion of fraudulent and improper trading under the Capital Markets Act. The South Korean prosecutors have referred the case to trial involving Terraform Labs co-founder and former CEO of Chai Corporation, Daniel Shin, among others.

In the indictment, South Korean prosecutors stated that Daniel Shin and others involved minted "investment contract securities" Luna tokens from April 2019 to May 2020, but distributed and sold them to investors without submitting a securities report. Daniel Shin is accused of: violating the Capital Markets Act (improper trading, violation of public offering regulations, unlicensed sales), violating the Specific Economic Crimes Act (fraud, breach of trust, embezzlement), violating the Specific Financial Transaction Information Act, violating the Electronic Financial Transactions Act, forgery of receipts, dereliction of duty, and commercial breach of trust. (source link)

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