As South Korea seeks the extradition of Terra co-founder Do Kwon from Montenegro, prosecutors have taken Terra co-founder Daniel Shin and 7 others to court on multiple charges. A South Korean court held the first trial against Daniel Shin and 7 others charged with fraud, dereliction of duty, embezzlement and violation of the Capital Markets Act.

Terra Co-Founder Daniel Shin Preliminary Hearing

During the first hearing in Seoul South District Court, lawyers representing Terra co-founder Daniel Shin, former CEO of Chai Corp, asked Judge Jang Seong-hoon for more time to prepare for the criminal defense . Daniel Shin did not personally attend the hearing, a local news outlet reported on July 10.

The court granted the request and set August 28 as the date for a second hearing. Prosecutors are disappointed with the continued delays. The judge said:

“We will check the lawyers’ opinions and reopen the trial preparation date to determine the possibility of defense and the order of questioning.”

The first trial was originally scheduled for May 26, but was postponed to this day due to controversy over the chief justice’s fairness. Daniel Shin hired a team of 30 attorneys for his defense, including former judges, prosecutors and attorneys experienced in litigation related to digital assets and capital markets.

On April 25, the Seoul South District Prosecutor’s Office indicted Daniel Shin and seven others without custody on multiple charges, including fraud, dereliction of duty, violation of the Capital Markets Act and embezzlement. In addition, two others were charged with breach of trust.

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Terraform Labs moves crypto and fiat assets

CoinGape Media reported that the remaining 5,292 BTC worth $163 million from a Luna Foundation (LFG) Binance wallet was moved to an unknown wallet last week.

Terraform Labs (TFL) and co-founder Do Kwon have been moving Bitcoin and other crypto assets worth millions in recent months. Prosecutors believe delays in court proceedings in South Korea and the extradition of Do Kwon from Montenegro are affecting the case.

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Varinder has 10 years of experience in the Fintech sector, with more than 5 years dedicated to blockchain, crypto and Web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles and newspapers. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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