Daniel Shin, a co-founder of Terraform Labs, and seven other former Terraform employees appeared before the Seoul Southern District Court on Monday for the first preliminary hearing, according to the Korean news source News 1.
Terra Co-Founder Shin Makes First Hearing in Seoul Court
However, according to Forkast, Shin, who was indicted in April on many counts, including fraud, did not personally attend the hearing that was placed in Seoul. There is no clear information about why he did not attend the hearing.
Why is Shin on Trial?
Shin and nine other people were formally charged in April by South Korean prosecutors with several offenses, including breaking the rules governing financial markets. That came after prosecutors spent months looking into Terraform’s alleged wrongdoings, which led to a spectacular collapse last year and destroyed more than $40 billion in investor value.
Additionally, the prosecutors said in April that the authorities had frozen assets worth 247 billion won. At the time, Shin’s attorneys denied each and every accusation. The court rejected the prosecution’s second request for an arrest warrant for Shin in May, finding that he was unlikely to tamper with evidence or constitute a flight risk.
Shin’s Lawyers Request More Time
According to the local news source Chosun Biz, on Monday, Shin’s attorneys asked for extra time to prepare for the trial. They said that the case was not a straightforward criminal trial and needed more technical assistance. August 28 has been selected as the day for the second trial’s preparation.
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