Crypto Market News: As part of the Terra LUNA crisis related prosecution of Terra co-founer Daniel Shin, South Korea prosecutors are set to grill Shin on June 10, 2023. Earlier, CoinGape reported that the court dismissed prosecutors’ appeal to confiscate Daniel Shin’s assets, citing that LUNA was not a security. However, this time around, in the June 10 trial, the prosecutors are reportedly adamant on proving that LUNA is indeed a security. In April 2023, the Seoul Southern District Prosecutor’s Office indicted Shin, along with seven others, for multiple charges including fraud, breach of duty, and embezzlement.
The previous date for first trial of Shin was scheduled to be May 26, 2023. However, the trial was postponed to June 10 due to a conflict of interest with the judge on the case. The multiple investigations and charges on the Terraform Labs team have a big impact on the crypto market as the Terra-LUNA crash that happened midway in 2022 led to a loss of $40 billion in investor funds.
Trial To Be Around LUNA Being A Security
Prosecutors are likely to press the argument that Terra LUNA was traded as a security, which could have ramifications in terms of violation of the country’s capital markets laws. If successful in convincing the court about it, Shin could likely be arrested. On the other side, the Montenegro Basic Court recently approved Terra co-founder Do Kwon and CTO Han Chang-joon’s bail.
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