WSJ

South Korea Indicts Co-Founder of Failed TerraUSD Cryptocurrency

South Korean prosecutors charged Daniel Shin, who co-founded the company behind the failed TerraUSD and Luna cryptocurrencies, with fraud and violations of capital-markets laws and regulations.

Daniel Shin, co-founder of Terraform Labs, was charged with fraud and violations of capital-markets laws and regulations around electronic financial transactions and fundraising by South Korean prosecutors.
Ten people, including Mr. Shin, were charged for allegedly reaping at least 462.9 billion won in profits by selling off their cryptocurrencies before the crash.
The other co-founder of Terraform Labs, Mr. Kwon, was arrested in March in Montenegro and is being detained on charges of forgery in connection with allegedly false passports.
TerraUSD was a so-called algorithmic stablecoin that lost its dollar peg in May 2022 and tumbled alongside Luna, triggering a crash that wiped out the savings of thousands of investors worldwide.
South Korean prosecutors said they have frozen some 246.8 billion won in South Korea-based assets from the indicted individuals, including Mr. Kwon.

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