Co-founder Shin disputes any involvement in the Terraform Collapse caused by Do Kwon's unreasonable operations.

Co-founder Shin disputes any involvement in the Terraform Collapse caused by Do Kwon's unreasonable operations.

Daniel Shin, a co-founder of Terraform Labs, has blamed former CEO Do Kwon for the Terra Network's demise but has denied any role in it.

As he was not a part of the company prior to its collapse, Shin is blaming Do Kwon's poor policies, according to reports that have circulated from the local news media since his trial.

Even though Shin departed the company three years prior, he was accused of breaking capital markets laws by South Korean authorities because of his network affiliation. Shin has consistently insisted on leaving the company despite the accusations against him.

After a months-long investigation, Daniel Shin, the co-founder of TerraformLabs, and nine other people were formally charged in South Korea. The charges include several counts of asset freezing totaling $185 million. April 26, 2023 — Cryptonews . com (@cryptonews) — https://t . co/5hr9yONIMp.

According to the report, two years prior to the infamous incident, in 2022, the defendant, Shin Hyun-Seong, broke away from Do Kwon for business purposes. Shin Hyun-Seong was represented by lawyers at the Criminal Agreement Division 14 of the Seoul Southern District Court.

"External attacks and CEO Kwon's irrational use of the Anchor Protocol were the root causes of the coin plunge.". It's unrelated to Shin at all. ".

This belief that executive decisions that are not up to par, coupled with stringent regulations and general market downturns, are the main causes of cryptocurrency crashes has been expressed by several members of the community.

On the Terra Network, Anchor Protocol was a lending platform that let users borrow against their holdings and earn up to 20 percent interest against their deposits.

With user assets contributing to the entire story, Anchor also took a severe hit.

Shin is accused of more things.

The prosecution claimed that Shin issued tokens to investors and made billion-won profits doing so, all the while knowing that the platform would eventually collapse.

Shin's attorney added that the government started pursuing legal action because of regulatory oversight and that rules prevented the Terra project from moving forward.

He maintained that since the creation of virtual asset payment services was not illegal in the nation, no laws were broken.

Observe Kwon's struggles.

Following a year-long pursuit, Do Kwon is imprisoned in Montenegro for document falsification and may be extradited to the US or South Korea upon serving out his sentence.

In a related development, Do Kwon continues to assert his innocence in a lawsuit brought by the US Securities and Exchange Commission (SEC), which asserts that assets linked to Terra are securities.

Do Kwon and Terraform Labs File Motion to Dismiss U.S. Case. S. A motion has been filed against the U.S. by SEC Terraform Labs and co-founder Do Kwon. S. SEC, attempting to have accusations of multibillion-dollar securities fraud dismissed. 31 October 2023

The former CEO's attorneys have requested that the court dismiss the entire lawsuit on the grounds that the SEC lacks evidence to support any of the charges.

The SEC is demonstrably no closer to establishing that the Defendants committed any wrongdoing after two years of investigation, the conclusion of a discovery period that saw the taking of more than 20 depositions, and the exchange of more than two million pages of documents and data. ".

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