Terra’s Daniel Shin on Trial for $40B LUNA/UST Crash (Report)

• Terraform Labs’ co-founder Daniel Shin was recently interrogated by a South Korean court regarding the LUNA/UST crash.
• The crash caused investors to lose approximately $40 billion.
• Do Kwon, the main culprit of the crash, was arrested in Montenegro after being on the run for several months.

Terra’s Daniel Shin Interrogated in Court

Terraform Labs’ co-founder Daniel Shin recently visited a South Korean court to answer questions related to the collapse of the project’s native token – LUNA – and its algorithmic stablecoin – UST – last spring.

Investor Losses Worth Approximately $40 Billion

The crash prompted investor losses worth approximately $40 billion. Shin remained silent when reporters asked him questions regarding his potential role in the collapse.

Do Kwon’s Arrest

Do Kwon, who is suspected of being behind this problem, has been arrested in Montenegro after going on the run for several months.

Accused Of Violation Of Capital Markets Act Etc.

The Korean authorities have accused him of various offences, including violation of the Capital Markets Act, Electronic Financial Transactions Act and more.

Prosecutors Suspected Illegal Profits

The Seoul Southern District Prosecutors Office also suspected Shin of gaining illegal profits from insider trading based on information about Terra’s failure that he had obtained prior to its public announcement.

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