Co-founder of failed blockchain firm Terraform Labs denied pre-trial detention by Court

Co-founder of failed blockchain firm Terraform Labs denied pre-trial detention by Court

Crypto News:

Shin Hyun-seung, also known as Daniel Shin, co-founder of failed blockchain firm Terraform Labs, has been denied pre-trial detention by the Seoul Southern District Court. Shin is suspected to have played a significant role in the collapse of the company’s cryptocurrencies, luna and terrausd.

Although he is under investigation for illegal profits made prior to the coins’ crash, the court deemed him unlikely to be a flight risk or destroy evidence.Prosecutors initially sought his arrest in November but were rejected.

The latest decision came after the arrest of another Terraform founder, Do Kwon, who was detained in Montenegro while attempting to travel to Dubai on a fake passport.

Shin faces multiple charges of fraud and violations of capital markets, financial transactions, and information laws, which he denies.

The court acknowledged the largely verified charges but emphasized the need to allow Shin to defend himself. Kwon’s laptops and mobile phones containing “interesting” information have also been seized by investigators.

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