Terraform Labs co-founder Daniel Shin and nine others indicted in South Korea

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—by Protos Staff

Terraform Labs co-founder Daniel Shin has been indicted in South Korea, along with nine others involved in the project, on several charges including violations of capital markets law, Bloomberg reports.

Eight people, including Shin, have been indicted for illegal trading; two others are indicted for breach of trust. According to the Seoul Southern District Prosecutors’ Office in a press briefing on Tuesday, the 10 people indicted are all directly linked to the Terra Luna project in several ways, including marketing and systems development and management.

So far, prosecutors have frozen a combined 247 billion won ($185 million).

The indictment comes hot on the heels of a recent district court decision that dismissed securities violations charges against Shin because Terraform Labs’ native cryptocurrency, Luna, was not a security. However, this recent indictment suggests otherwise.

South Korea court says Terraform Labs’ crypto token Luna wasn’t a security

Read more: Will arrested Terra founder Do Kwon be extradited to the US or South Korea?

According to Shin’s lawyer Kim Ji-dong, the co-founder has “nothing to do with the … collapse as he left the company two years before the fallout.

“He voluntarily returned to South Korea immediately after the collapse, and has been faithfully cooperating with the probe for over 10 months, hoping to contribute to fact finding,” (via CoinDesk).

Terraform Labs’ other co-founder Do Kwon was indicted in Montenegro last week following an arrest for document forgery.

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