Court cases in South Korea against the founders of Terra Luna continue to move forward.
While Do Kwon remains in jail in Montenegro awaiting extradition, another TERA founder, Shin Hyun-seong, better known as Daniel Shin, is scheduled to appear in Seoul Southern District Court on May 26 on the first day of his trial, according to local media. .
As reported by Bitcoinist, South Korean prosecutors charged Shin and nine others in April with fraud in connection with the LUNA crash in May 2022. Terra Luna wiped out $40 billion of investor assets.
Like Yonhap News TV reports, the case could become South Korea’s “digital asset rule of the century”. Shane ramps up everything he can in the process and has assembled an extensive defense team of about 30 people.
The team includes a large number of ex-lawyers, some of whom specialize in digital assets and capital markets law. In addition, Park Hyung-cheol, the former Blue House Anti-Corruption Secretary, is also part of the defense team. Besides, the prosecutor who investigated Shen will also defend the co-founder.
Jun Sam-hyun, a professor at Songsil University, told the news outlet, “I think this case will be the judgment of the century in terms of digital assets. I think the litigation will be fierce.” Terra co-founder Shane continued to maintain his innocence in a statement, saying:
I was just trying to make a groundbreaking deal, and I’m going to clear up the prosecution’s misunderstanding at trial.
Will the Terra Founder be extradited to the US or South Korea?
Meanwhile, South Korea prepares to extradite Do Kwon. The founder is currently still being held in Montenegro awaiting trial on charges of passport fraud and delivery.
Dan Seung-han, director of the Seoul Southern District Prosecutor’s Office, said Do Kwon should be extradited to South Korea, not the United States. According to Sung-han, most of the evidence is in South Korea.
In addition, other TERA members are on trial in South Korea. If convicted in South Korea, Do Kwon faces up to 40 years in prison. South Korean prosecutors have frozen Do Kwon’s assets worth $176 million, accusing him of defrauding investors in the Terra Luna project.
At the time of writing, Terra Classic (LUNC) price has been in a strong downtrend. To catch any supply, LUNC needs to retake the $0.00012076 resistance.
Featured image from Tech in Asia, chart from TradingView.com