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Daniel Shin Terraform Labs Co-Founder Shows Up In Court For Interrogation

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Terraform Co-founder a target for arrest once more for interrogation over the South Korean cryptocurrency crackdown. The South Korean prosecutors question Daniel Shin again over the collapse of the stablecoin.

As of March 30, 2023, Shin Hyun also known as Daniel Shin appeared in court for interrogation.

The presiding judge asked him several questions about his role in the Terra Company and the subsequent collapse.

It wasn’t long after Do Kwon was arrested by the Montenegro officials, that his invitation for Shin to appear in court came.

Details about Daniel Shin’s Interrogation

Daniel Shin was invited for questioning as part of the investigation going on regarding the United States’ $40 billion implosion of Terra-Luna’s stablecoin and cryptocurrency project last year may.

So far, the State prosecutors since November last year have tried to convince the court of Shin’s arrest but failed.

The judge asked Shin if “he had something he need to say to the Terra-Luna plunge victims and if he had made contact with a Terraform Labs representative overseas”.

Probably, the judge was referring to the elusive Do Kwon who dodged the authorities for a very long time and was only arrested recently.

Daniel Shin is facing various charges. Besides, the prosecutors emphasized the current charges saying, “The presentation included a re-recovery charge of financial investment fraud and specific financial information violations, business exclusion, and non-examination charges weren’t among the first claim”.

Shin replied to the charges that he doesn’t believe that Terraform Labs promoted payment services falsely while generating profits. However, the LUNA investors disagree with him.

As a result, many different lawsuits are presently filed making this an allegation.

Do Kwon Arrested Finally

The elusive Terraform Labs Co-Founder Do Kwon was finally arrested after a brief period of calm. The latest news concerning Terraform Labs and its founders has appeared again in the news outlets.

It is significant to note that Do Kwon has been dodging the authorities for months now while the officials are seriously hunting him down to bring him to justice.

The arrest of Do Kwon was effected in Montenegro. He will likely be facing jail time there if the court can convict him of forging identification documents.

Meanwhile, South Korea and the United States are requesting his extradition. Also, the US Justice Department is investigating the Terra USD collapse. Kwon will likely be deported to South Korea his home Country.

Kwon’s Arrest Doesn’t Bode Well for Terra Executives

The arrest of Kwon is not looking good for the Terra Co-Founders. Most especially, since the executives are under serious scrutiny because of their actions.

The many different lawsuits aren’t looking good for Terraform Labs at all.

Even, the Singapore police disclosed that they are also investigating the company as well as Kwon early this month.

Meanwhile, investors are fighting for themselves and are set on seeing the company brought to justice.

Probably, the case will be ending soon with the arrest of Do Kwon.

 

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