Shin, the ex-CEO of Chai Corporation, is amongst the firm’s earlier investors and was a Co-founder of Terraform Labs and Do Kwon.
The South Korean Police consider Terra’s fully functional ecosystem of DApps, Anchor’s 20% interest, is itself deceitful.
All the eight charged people, including Shin(37), advertised Stablecoin Terra and Luna, the sister coin of Terra. Moreover, Shin and others engaged in the dishonest activity declared they would expend an approximate interest of 20% when Terra was deposited.
Shin also unfairly accumulated profits of 140 billion. He held Luna before beginning the business and sold it when the prices rose.
Under the Capital Markets Act, the prosecution accused Shin of fraudulent and illegal transactions because prosecutors considered Luna and other cryptos had securities properties.
Shins Statement
Shin may also encounter legal action on the charges of leaking personal customer information held by Chai Corporation to a different entity, such as Terraform Labs. Reportedly, the prosecution has also frozen his possessions worth 140 billion.
Shin explained his perspective on the charges. He left the company two years ago and had nothing to do with the destruction of Terra Luna. By his words, he willingly returned home during the incident and collaborated with the investigation to find the truth. Shin also counted that he would clarify many of the ‘misunderstandings’ in the prosecution in court.
Prosecutors instructed a fraud and breach of trust investigation under the Act on the Aggravated Punishment of Specific Economic Crimes, breach of the Capital Markets Act, and violation of the Similar Receipt Act Regulation Act on 29th November.
