United

Citadel

Terra

Read

Anchor

<div class="cryptonews">
 <p class="is-style-lead">Lawyers for Daniel Shin, co-founder of Terraform Labs, told a South Korean court that he did not contribute to Terra’s <a rel="noopener noreferrer nofollow" title="collapse" href="https://thebittimes.com/tag/collapse.html">collapse</a> in any way after being charged with fraud and embezzlement.</p>
 <p>Following a preliminary hearing in July 2023, Shin’s attorneys said fellow founder Do Kwon was responsible for Terra’s crash and the implosion of its two tokens, Luna Classic and algorithmic stablecoin UST. The former Terra executive appeared before a Seoul Southern District Court today.</p>
 <p>According to a Munhwa Broadcasting Corporation report translated by Google, Shin’s defense accused Kwon of launching external attacks on his own company and pointed to the Anchor protocol as another chief reason for Terra’s tumble.</p>
 <p>The defense said Anchor was unreasonably managed and onboarded users with an unsustainable business model. Anchor was a yield-generating platform built atop Terra’s blockchain that allowed UST depositors to earn 20 percent interest on their stablecoins without worrying about volatility.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Terraform Labs accuses Citadel of orchestrating UST stablecoin fall
 </div>
 <p>Shin reportedly departed from Terra and Kwon in 2020, citing irreconcilable differences. The ex-Terra founder stands accused of breach of duty, embezzlement, fraud and violation of South Korea’s Capital Markets Act.&nbsp;</p>
 <p>Kwon, who was an international fugitive, could face similar charges if extradited to South Korea. The U.S. is also vying for the right to try Terra’s former boss after Montenegrin police detained him at an airport and a judge sentenced him to four months in prison.&nbsp;</p>
 <p>Authorities arrested Kwon with a forged Costa Rican passport while attempting to board a private flight bound for the United Arab Emirates. Kwon faces as many as 40 years in South Korea if tried and convicted after spending time in a Balkan prison.</p>
 <p>While Terra appointed a new CEO in Chris Amani, Kwon’s lawyers have moved to dismiss a lawsuit from the U.S. Securities and Exchange Commission.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Terra users face domain issue amidst legal drama
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/daniel-shin-denies-hand-in-terra-s-collapse-tbt68413.html">https://thebittimes.com/daniel-shin-denies-hand-in-terra-s-collapse-tbt68413.html</a></p>

Daniel Shin denies hand in Terra’s collapse

TheBitTimes

Andere artikelen gepubliceerd op 30 okt 2023

The CEO of Ripple objects to remarks made by former SEC Chair Jay Clayton.

Sam Bankman-Fried Denies Wrongdoing But Acknowledges His Mistakes

VanEck joins other issuers in amending Bitcoin ETF applications

Solana Ready for a Fresh Upswing: Can SOL Price Make It Above $40?

VanEck modifies their Bitcoin ETF application on the spot

Standard Chartered-backed firm Zodia Custody expands Institutional crypto services to Hong Kong

Meld je aan voor onze gratis nieuwsbrief voor dagelijkse crypto-updates!