Terraform Labs Co-Founder Shin Hyun-Seong, otherwise known as Daniel Shin, has appeared in court for interrogation. The judge asked him various questions relating to his role in the company and the crash.
Terraform Labs co-founder Shin Hyun-Seong has appeared in court for interrogation. Local media outlets report that Hyun-Seong was asked several questions pertaining to the Terra collapse. He appeared in court on March 30, not long after officials in Montenegro arrested Do Kwon.
Daniel Shin Gets Interrogated
Among the questions that the judge asked Hyun-Seong was whether he “had anything to say to the victims of the Terra Luna plunge” and whether he had “ever contacted a representative of Terraform Labs overseas.” The judge was likely referring to Do Kwon, who has been evading authorities for a long period of time, only recently having been pinpointed.
Hyun-Seong is facing several charges, and prosecutors elaborated on the latest ones, saying,
“This re-recovery added charges of financial investment fraud charges and certain financial information violations, non-examination and business exclusion charges that were not included in the first claim.”
Hyun-Seong has stated that he does not believe that the company falsely promoted payment services while making profits. Of course, LUNA investors think otherwise, and multiple lawsuits have been filed making this allegation.
Terraform Labs Co-Founder Do Kwon Finally Arrested
After a brief period of quiet, news about Terraform Labs and its executives has reappeared in media outlets. The most significant update was the arrest of co-founder Do Kwon. Kwon has been on the run for months, with authorities desperately on the hunt for him so that he can face charges.
Kwon was arrested in Montenegro — and he may even have to spend time in jail there if he is convicted of forging identification documents. Meanwhile, both the United States and South Korea have requested that he be extradited. While the United States Justice Department is also investigating the TerraUSD crash, Kwon is more likely to be deported to his home country of South Korea.
Kwon’s Arrest Could Spell the Beginning of the End
Terra executives like Kwon and Daniel Shin are undergoing immense scrutiny for their actions. The multiple lawsuits do not bode well for the co-founders, and Terraform Labs is also under investigation. The Singapore police revealed that they were probing the company and Kwon earlier this month.
Investors are determined to see Terraform Labs executives brought to justice and have been fighting their own fight. In any case, with Kwon now arrested, the whole saga may be entering its final phase.
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