Terra Co-Founder Daniel Shin Indicted for Fraud in South Korea's Crypto Collapse.
Nine former staff members of Terra, along with co-founder Daniel Shin, have been indicted by South Korean prosecutors for their alleged involvement in the failed stablecoin project. The charges include violating capital markets law and leading a fraudulent marketing campaign to deceive investors. The prosecutors allege that the entire operation was infeasible from the beginning, and that staff knew it. When the Terra/Luna ecosystem collapsed, investors lost nearly $60 billion. The Terra staff are being prosecuted without detention, and their assets have been frozen.
