Terraform Labs co-founder Daniel Shin and nine others have been indicted by South Korean prosecutors on charges including violations of capital markets law related to the failed Terra/Luna project. The prosecutors claimed that Terra was a "fictitious" project, and that the indicted individuals gained at least $346.2 million in profits by selling their coins before the crash, causing "astronomical damage" to investors. Shin's lawyers have said that their client left Terraform Labs in 2020 and was, therefore, not involved in the massive 2022 Terra/Luna crash. The prosecutors have frozen $184.6 million in assets from the ten indicted individuals, some of which are held in Switzerland-based digital asset bank Sygnum Bank AG.
(By Sead Fadilpašić)