Terraform Labs co-founder Daniel Shin and former employees face preliminary hearing for collapsed Terra-Luna cryptocurrency project fraud charges

Daniel Shin, co-founder of Terraform Labs, and seven other former employees of the company faced a preliminary hearing in South Korea on Monday. Shin was indicted on multiple charges related to the collapsed Terra-Luna cryptocurrency project, including fraud.

The charges against Shin include violations of the Capital Markets Act, breach of duty, and embezzlement for his involvement with Terra-Luna, according to Seoul prosecutors. The US$40 billion Terra-Luna stablecoin and cryptocurrency project of Terraform Labs collapsed in May last year.

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