Terra Co-founder Daniel Shin’s Fraud Trial Set for May 26
- The trial date comes after two failed attempts by local prosecutors to detain Shin.
- Shin has assembled a defense team of 30 attorneys, including former judges and prosecutors.
South Korean local media has reported that the first hearing for Terra co-founder Daniel Shin’s fraud case has been scheduled for May 26, 2023. The trial date comes after two failed attempts by prosecutors in Seoul to secure an arrest warrant to detain Shin, who co-founded Terraform Labs in 2018 with the infamous Do Kwon.
According to a report by Yonhap News, Daniel Shin’s first trial will be held in the Seoul Southern District Court later this month. The court will hear arguments for Shin as well as seven other associates who have been charged by prosecutors for their role in the collapse of Terra-Luna exactly one year ago.
Prosecutors in Seoul previously indicted Shin for fraud in connection with the downfall of Terraform Labs, which wiped out $40 billion from the crypto market. He is being accused of defrauding the company’s investors by promoting Terra with misleading advertisements.
In what was described as a team of “Luxurious Lawyers” by Yonhap’s report, Shin has assembled a defense team of 30 attorneys. The legal team reportedly features eleven lawyers from a law firm that recently recruited a former prosecutor from the Seoul Southern District Prosecutor’s Office’s joint investigation team. The team in question was responsible for investigating the collapse of Terra.
Daniel Shin’s legal defense team also consists of former judges and prosecutors. Shin has been described as a well-connected individual in South Korea, with ties to political parties and media firms.
In detail, his grandfather previously served as the South Korean Minister of Justice. Hong Seok-hyun, one of Shin’s uncles, is an influential businessman who happens to chair one of the largest media groups in the country. Furthermore, Seok-hyun’s elder sister is the widow of Lee Kun-hee, who led the South Korean tech giant Samsung.