Terra Co-Founder Indicted in South Korea

SEOUL, KR – Daniel Shin, one of the co-founders of the failed Terra cryptocurrency, has been indicted by South Korean authorities, according to a report from Bloomberg Tuesday. Shin has been charged with violating capital-markets law and other offenses. 

According to a report, Shin was indicted alongside nine other individuals, and prosecutors have frozen $184.7 million in assets belonging to those indicted. Shin's lawyer has stated that his client had "nothing to do with the...collapse" of Terra, as he had left the company two years beforeprior to the fallout. 

However, the collapse of the algorithmic stablecoin TerraUSD, which lost its 1:1 peg with the US dollar, caused shock waves throughout the crypto markets. The resulting fallout led to a string of bankruptcies among crypto firms.

Meanwhile, Terra's other co-founder, Do Kwon, was indicted in Montenegro last month after being arrested on charges of forgery earlier in March. Kwon’s lawyers have requested that charges stemming from the SEC be dismissed, citing jurisdictional parameters for the regulator.