The indictment of 10 individuals associated with Terraform Labs, including co-founder Hyun-seong Shin, comes after 11 months of investigation into the collapse of Terra.

The financial crimes unit at the Seoul Southern District Prosecutors’ Office has reportedly indicted Terraform Labs co-founder Shin Hyun-seong and nine other individuals for the collapse of the Terra ecosystem. 

The 10 individuals were reportedly indicted on charges of fraud, breach of trust and embezzlement and referred to trial after 11 months of investigation. The prosecutor’s office suspected that the individuals involved in the collapse amassed illicit profits of nearly $350 million (460 billion Korean won).

Shin is accused of misleading investors and falsely advertising the product to cause significant losses despite knowing that the project was unfeasible. Prosecutors have also seized the assets of the indicted individuals and estimated them to be worth a total of $180 million (246.8 billion won).


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