Daniel Shin assembles over 30 lawyers as he prepares to stand trial on May 26, attempting to quash charges linked to the Terra collapse that were brought against him by the South Korean court.
Daniel Shin has continued to protest his innocence in the Terra debacle, with his lawyers arguing that he parted ways with the company in 2020 to start a new venture.
Authorities in South Korea insist that while an investigation into Terra's collapse is ongoing, asset seizures are necessary to prevent suspects from disposing of funds that could be key to solving the case.
Despite facing multiple charges, a district court judge has—for the second time—ruled against issuing an arrest warrant to Daniel Shin, noting his compliance with law enforcement agencies.
Prosecutors alleged that the e-commerce CEO, who was identified only as Mr. A, played a major part in the collapse of Terra and may have colluded with co-founder Daniel Shin.
A court in South Korea dismissed the arrest warrants against former Terraform Labs workers, comprising four engineers and three early-stage investors, connected to the collapse of UST and LUNA tokens.
Daniel Shin allegedly ignored warnings from the Financial Supervisory Service and continued telling investors that Terra's stablecoin would debut on e-commerce platforms.
Terra co-founder Shin Hyun-seung denies allegations that he violated the South Korean capital markets law, which led to the freezing of over $100 million worth of funds.
Prosecutors stormed Chai Corporation, the payments technology company founded by Daniel Shin, on the allegations that it misused its customers' personal information without their consent.
Investigators say Daniel Shin breaches South Korean capital market law over allegedly holding a stash of LUNA without disclosing it to investors.
In a letter to South Korea's National Assembly, Daniel Shin said that local law enforcement agencies are investigating him for his role in Terra's collapse in May, and his testimony could be tainted.
