Shin Hyun-Seong, also known as Daniel Shin, claimed he had no part in the collapse of Terraform Lab’s multibillion-dollar stablecoin ecosystem in court in Seoul on Oct. 30.
Daniel Shin claimed he and Do Kwon parted ways before the collapse of the Terra/Luna ecosystem was imminent and he had nothing to do with it.The trial of payment platform developer Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, and seven others got underway in Seoul Southern District Court in South Korea on Oct. 30, according to local news reports. Shin is accused of defrauding investors. Also at issue was whether or not Luna is a security.
“The cause of the slump was due to the unreasonable operation of the Anchor Protocol and external attacks carried out by Do-hyung Kwon after the breakup . It has nothing to do with the defendant.”The defendants face multiple charges under at least four laws, including the Information Act. The prosecutor claimed, “They took advantage of the fact that investors had difficulty accessing information and had a low understanding of it.
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