Daniel Shin confirmed that he didn’t attend the first court hearing against himself as he had no comment.
Terraform Labs is a blockchain firm behind Terra (Luna) crypto project, founded by Do Kown & Daniel Shin. In May 2022, the Terra crypto empire collapsed badly. Later Investigations found that Kwon was misusing his power & playing against the Terra crypto investors. In the present time, Kwon & Shin are facing several fraud & criminal charges, over defrauding millions of investors via his crypto project Terra.
On 10 July 2023 (Monday) was the first court hearing date against Daniel Shin over several charges, as he was involved deeply in the Terra crypto crypto project.
According to Forkast’s report, Daniel didn’t appear in the hearing as it was a pre-hearing in the case against him.
South Korean prospectors dragged Daniel under several charges and one of the charges includes the promotion of Terra stablecoin as a payment instrument, which was illegal under the jurisdiction of the country.
Prosecutors said that Terra stablecoin was not protected, as it was not backed by any fiat currency. Daniel is not only accused under such charges in his native country but also in some other jurisdictions he is most wanted along with Kwon.
After the downfall of the Terra (Luna) & Terra stablecoin TerraUSD, the Terraform Labs launched a new coin Terra Luna & renamed the original Terra Luna as Terra Luna classic (Lunc).
In the present time, some crypto proponents are supporting the development works under Terra Lunc coin. Even the top crypto exchange Binance is supporting Luna Classic.
The current trade price of the Lunc coin is $0.00008 & this trade price is 35% down over the last 90 days of trade price.