Terra Co-Founder Daniel Shin Indicted for Fraud in South Korea
South Korean prosecutors have charged Daniel Shin, co-founder of the company behind the failed TerraUSD and Luna cryptocurrencies, with violating capital-markets laws. The charges are part of the latest legal action following a crash that wiped out some $40 billion in value from digital-currency markets last year. The prosecutors have charged 10 people, including Shin, saying individuals involved with Terraform Labs Pte. Ltd. had reaped at least 462.9 billion won, equivalent to around $346 million, in profits by selling off their cryptocurrencies before the crash.