South Korea reportedly indicts co-founder of collapsed Terra ecosystem

Daniel Shin, co-founder of Terraform Labs, the company behind the collapsed Terra ecosystem ( LUNA-USD ) ( UST-USD ), has been indicted by South Korea on a number of charges including trading illegally and breaching capital-market law, Bloomberg reported Tuesday. Prosecutors froze 246.8B won (US$184.7M) in assets from Shin and nine others who were also indicted as they have direct ties to Terra, according to the report, which cited head prosecutor Dan Sung Han. The failure of Terra last May, stemmed from a massive de-pegging of its algorithmic terraUSD ( UST-USD ) stablecoin, sent shockwaves throughout the broader crypto market, accelerating a $2T downturn. Shin's lawyer, Kim Ki-dong, argued that “Shin has nothing to do with the Terra, Luna collapse as he left the company two years before the fallout.” the article said . “He voluntarily returned to South Korea immediately after the collapse, and has been faithfully cooperating with the probe for over 10 months, hoping to contribute to fact finding." The news comes about a week after Terra co-founder Do Kwon reportedly got indicted by prosecutors in Montenegro for forging personal documents . More on Terra and the Crypto Clampdown G-7 said to promote tougher crypto rules amid global banking drama Ex-Terraform Labs CEO Do Kwon arrested in Montenegro after months in hiding Do Kwon seeks dismissal of SEC charges as UST stablecoin is a currency, not a security LUNC Crypto: Why Investors Are Still Throwing Money At This Coin