Terra Co-Founder Daniel Shin and Others Summoned to Court in South Korea

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Terra Co-Founder Daniel Shin and Others Summoned to Court in South Korea
Credit: © Reuters.

  • Lawyers for Daniel Shin sought additional time from Judge Jang Seong-hoon.
  • In order to defend himself, Daniel Shin engaged a team of 30 attorneys.

Prosecutors have summoned Terra co-founders Daniel Shin and 7 others to court on several accusations as South Korea pursues the extradition of Terra co-founder Do Kwon from Montenegro. In the first trial in South Korea, a court heard charges of fraud, breach of duty, embezzlement, and violation of the Capital Markets Act against Daniel Shin and seven others.

Lawyers for Daniel Shin, co-founder of Terra and former CEO of Chai Corp, sought for additional time from Judge Jang Seong-hoon during the first hearing at Seoul Southern District Court. A local news source stated on July 10 that Daniel Shin did not show up to the hearing in person.

New Hearing Scheduled

Moreover, the court granted the motion and scheduled a new hearing for August 28. The prosecution is frustrated by the delays. In order to defend himself, Daniel Shin engaged a team of 30 attorneys. Also, among them are former judges, prosecutors, and attorneys with expertise in digital asset and capital markets legislation.

The judge ruled:

“We will check the opinions of the lawyers and reopen the trial preparation date to decide the opportunity for defense and the order of interrogation.”

Daniel Shin and seven others were accused on various counts of fraud, breach of duty, violation of the Capital Markets Act, and embezzlement by the Seoul Southern District Prosecutor’s Office on April 25. Two other people were also charged with breach of trust.

The prosecution believes the case has been impacted by the length of time it has taken to extradite Do Kwon from Montenegro and for judicial hearings in South Korea.

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