Almost a year ago, the Terra ecosystem suffered an implosion which had a significant impact on the price of cryptocurrencies in our ecosystem. Since then, the founders, Do Kwon and Daniel Shin, are hounded by South Korean and American judicial authorities. Today took place the first preliminary hearing for Daniel Shin, thus launching a procedure to come which will probably be endless.
The trial of a case worth more than 40 billion dollars
South Korean prosecutors indicted Daniel Shin and nine others last April for violating capital markets law, following an investigation into alleged improper practices by Terraform. These acts resulted in the loss of more than $40 billion for investors.
However, at the request of Shin’s lawyers, the date for the preliminary hearing was pushed back to August 28 to allow for a ” assistance technique on the folder.
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Terra (LUNA) a “fictional project”
Note that during this preliminary hearing, the court did not mince words regarding Terra and Terraformlabs. The algorithmic stablecoin project was branded “fictional” by the Seoul Southern District Prosecutor’s Office in April.
No wonder when you see the considerable damage to investors, but estimated profits of 463 billion won (about 354.3 million dollars). At the time, the authorities also had frozen assets worth 247 billion won.
For his part, Do Kwon was sentenced to 4 months in prison in Montenegro for using false identity documents. His extradition to South Korea or the United States in connection with the Terra case will be carried out at a later date. Case to follow.
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