In South Korea, 10 people, including Hyun-seong Shin, co-founder of Terraform Labs, faced various charges.
Including one of the founding partners of the company, Hyun-seong Shin. Terraform labsthe indictment of 10 people connected with Terra’s It came after 11 months of investigation into his collapse. Financial crimes unit at Seoul Southern District Attorney’s Office, Terraform Terra stablecoinfrom Terraform Labs officials regarding the collapse of its ecosystem. He stated that 10 people were subjected to various charges.The association of authorized names with many charges became clear after 11 months of investigation.
Information on Accusations Transferred
Authorized names of Terraform Labs were charged with fraud, breach of trust and embezzlement, and were brought to court after an 11-month investigation. According to a Korea-based report, the prosecution suspects people with links to the collapse made illegal profits of around $350 million (460 billion won).
Hyun-seong Shin is accused of misleading investors and causing huge losses by promoting the product, despite knowing that the project is not viable. Prosecutors also confiscated the assets of the accused persons, putting their total value at $180 million (246.8 billion won).
