South Korean authorities have filed charges Daniel Shinco-founder of Terraform Labsand nine other individuals for various offenses including Violations of Capital Markets Regulations.

The prosecutor’s office of Seoul’s South District announced during a news conference on Tuesday, Bloomberg, that it has so far frozen 246.8 billion won ($184.7 million) of the defendants’ assets reported.

In their increased efforts to apprehend and arrest Shin, a fintech entrepreneur who played a key role in founding Terra, prosecutors have focused on the crypto project’s $60 billion loss over the past year.

in the previous month, Do kwonShin’s co-founder was arrested in Montenegro on allegations of fraud and violations of capital markets law.

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Kwon, a South Korean citizen, is also wanted by the United States.

The core issue in this case revolves around the collapse of TerraUSD, an algorithmic stablecoin, and its counterpart, Luna LUNA/USD.

Their demise in May last year sparked another $2 trillion downturn in the cryptocurrency market.

Shin’s legal representatives have previously claimed that he parted ways with the company in 2020 and has not participated in its operations since.

Earlier, prosecutors had requested an arrest warrant for Shin, but a South Korean court turned it down in December on the grounds that he was unlikely to tamper with it prove or become a flight risk.

Continue reading: ‘Crypto is Dead in America’: Is Tech Guru Chamath Palihapitiya Overreacting or Is the End Near?

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