South Korea indicts Terra co-founder Shin for fraud

South Korean prosecutors have indicted Terraform Labs’ co-founder Daniel Shin and seven others over multiple charges including fraud for their role in the company’s collapse last year, which resulted in US$40 billion of investors’ money being wiped out. Two other people were also indicted for their alleged involvement. Prosecutors have frozen US$184 million from the suspects and are seeking the extradition of Shin’s business partner Do Kwon, who was arrested in Montenegro. The collapse of Terraform Labs and its cryptocurrencies Luna and Terra has been called a Ponzi scheme by some experts.