Terra co-founder Daniel Shin faces first court hearing in South Korea
The South Korean court noted that it would study the submissions of Daniel Shin's legal team; both parties are expected to be in court on August 28 for a second hearing.
The South Korean court noted that it would study the submissions of Daniel Shin's legal team; both parties are expected to be in court on August 28 for a second hearing.
Withdrawals in Wyre will be available until July 14, after which there will be a recovery process for the digital currency that remains on its platforms.
The LUNA and TerraUSD founder was taken into custody over charges of document forgery, but he will complete his sentence in a month as the time he spent in detention will be considered.
South Korean prosecutor Dan Sunghan thinks that sending Do Kwon to South Korea is the most rational decision to recover damages and bring justice to thousands of victims of the TerraUSD de-pegging.
Prosecutors from the High Court in Podgorica revoked the bail conditions on the fact that it “could not establish the value of their assets just based on their statements.”
The Montenegro prosecutor's appeal revolves around the fact that the bail conditions for Do Kwon and Han Chang-Joon appear to be a slap on the wrist compounded by the flight risk posed by the duo.
Jump Trading entered into an agreement with Terraform Labs to manipulate UST to stay at $1 and in return purchased LUNA at a 99% discount, investors allege.
Terraform Lab's Do Kwon and Han Chang-joon would be subjected to house arrest under police supervision on a €400,000 (approximately $436,000) bail each.
South Korea is in an extradition battle with the United States for Do Kwon, who is currently facing passport forgery charges in Montenegro, as it promises a long sentence.
The lawsuit should be dropped as its protocols were developed overseas, according to Terraform Labs. It had been sued for selling unregistered securities.
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.
Do Kwon and his accomplice Han Chang-joon were arraigned before a Montenegrin Basic Court for holding fake Costa Rican passports—both could face up to five years if convicted.