Terraform cofounder Shin, seven others appear in South Korean court to face charges

According to a report from News1 Korea published earlier on Monday, a preliminary hearing for Shin and seven other alleged accomplices was held at 10 am local time in a Seoul Southern District Court. Prosecutors allege that Shin and his former associates deceived investors and manipulated the prices of the Terra and Luna tokens from the outset of the project in 2018, reaping “illicit profits” of roughly 462.9 billion Korean won .

On June 7, the lead prosecutor of South Korea’s investigation into the collapse of Terraform Labs said that company co-founder Do Kwon could serve decades-long consecutive prison sentences in both his native country and the United States. Dan said that he expects Kwon to get a record-setting financial fraud sentence in excess of 40 years, and he believes that the former executive should be extradited to his country first. “This is the largest financial fraud or financial securities fraud case that has ever happened in South Korea,” he said.

The United States was the latest entity to target Kwon with criminal charges. On Feb. 17, the U.S. Securities and Exchange Commission charged Do Kwon with securities fraud, writing that Kwon and Terraform orchestrated “a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities.”

The SEC said that Kwon transferred over 10,000 Bitcoin from Terraform Labs to an offline cold wallet and converted some of the tokens into cash via a Swiss bank. The agency claims Kwon and other insiders have drawn from the cold wallet several times since the collapse of the stablecoin project.

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