Terra LUNA Founder Daniel Shin Undergoes First Trial At Seoul Court Without Do Kwon

Daniel Shin is one of the founders of Terra Luna and partner Do Kwon. (Photo; Doc. Binance)

JAKARTA - Founder of the Terra (LUNA) crypto project, Daniel Shin, and seven other people have been brought to court in South Korea on charges of fraud, breach of duty, embezzlement, and violating the Capital Market Act. Their first trial took place at the Seoul Southern District Court.

In the first trial, the lawyer representing Daniel Shin asked for additional time to prepare for the defense. The first trial was originally scheduled last May, but was postponed until now due to controversy surrounding the judge's justice. The attorney's request for a postponement of the trial was approved by the court, and the second hearing is scheduled for August 28.

The first trial was attended by lawyer Daniel Shin, but he himself was not present in person. Earlier, in April, the Seoul South District Prosecutor's Office had indicted Daniel Shin and seven others on charges without detention. Two other people were also charged with breach of trust.

Daniel Shin has hired a legal team of 30 lawyers, including former judges, prosecutors and lawyers who have experience in cases related to digital assets and capital markets.

Meanwhile, there were also reports of the transfer of crypto assets and fiat by Terraform Labs (TFL), the company behind the Terra project. It was reported that a large amount of Bitcoin worth US$163 million (equivalent to IDR 2.4 trillion) had been transferred from Luna Foundation's Binance wallet (LFG) to an unknown wallet.

This action was carried out in recent months by TFL and one of its founders, Do Kwon. Prosecutors believe that the postponement of trials in South Korea and Do Kwon's extradition attempt from Montenegro had an impact on this case.

These two events show developments related to Terra founders and related companies. Court hearings and the transfer of crypto assets will continue to be monitored to see further developments in this case.