Daniel Shin, co-founder of Terraform Labs, has reportedly appeared in a South Korean court to be interrogated regarding his potential role in the collapse of the project's native token LUNA and its algorithmic stablecoin UST last spring. The crash resulted in investor losses of approximately $40 billion, with Do Kwon being identified as the main culprit behind it. Shin was previously accused of conducting numerous offenses, including violation of the Capital Markets Act and the Electronic Financial Transactions Act. Shin claimed he cut ties with Terraform Labs in 2020 and had nothing to do with the collapse. Kwon was recently arrested in Montenegro after being on the run for several months and charged with securities fraud, commodities fraud, and conspiracy. It remains unknown where he will face justice, but he is likely to be deported to either the USA or South Korea.

(By Dimitar Dzhondzhorov)