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Terraform Labs Co-founder and Nine Others Indicted in South Korea

Terraform Labs co-founder Shin Hyun-seong and nine other individuals have been indicted by the financial crimes unit at the Seoul Southern District Prosecutors' Office for the collapse of the Terra stablecoin ecosystem. The 10 individuals were indicted on charges of fraud, breach of trust, and embezzlement and referred to trial after 11 months of investigation. Shin is accused of misleading investors and falsely advertising the product to cause significant losses, despite knowing the project was unfeasible. Prosecutors have seized the assets of the indicted individuals, estimated to be worth a total of $180 million. This indictment comes just a month after the former CEO of Terraform Labs, Do Kwon, was arrested in Montenegro on charges of document forgery and facing multiple charges of security fraud from the US Securities and Exchange Commission.

(By PRASHANT JHA)

Terra Terra $0.47
-5.4%
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