- Terraform Labs cofounder Daniel Shin was indicted by authorities in South Korea, per Bloomberg.
- The former crypto exec is facing several charges including violations of capital markets law.
Daniel Shin, the cofounder of Terraform Labs, was indicted by South Korea on Tuesday.
The former crypto exec, along with nine others, are facing several charges including violations of capital markets law related to the fallout of Terra, according to Bloomberg.
Prosecutors froze 246.8 billion won ($184.7 million) in assets so far, per the report, citing head prosecutor Dan Sung Han.
Shin's lawyer, Kim Ji-dong, said the exec has "nothing to do with the Terra, Luna collapse as he left the company two years before the fallout," the report reads. "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."
Do Kwon, the other cofounder of Terra, was arrested in Montenegro by authorities last month. He was later charged with fraud by federal prosecutors in New York.
The fall of algorithmic stablecoin terraUSD (UST) and sister token Luna, once worth a combined $60 billion in value, sent crypto markets spiraling last year, taking out industry giants like hedge fund Three Arrows Capital, brokerage Voyager Digital, and lender Celsius.