Seoul court holds first hearing for Terra co-founder Daniel Shin

Quick Take

  • Shin did not personally attend the first hearing, local media reported.
  • His lawyers requested more time for trial preparation, with the second trial preparation date set for August 28.

The Seoul Southern District Court on Monday held the first preliminary hearing for Terraform Labs co-founder Daniel Shin and seven other former Terraform employees, Korean media outlet News 1 reported

However, Shin, who was indicted in April for several charges including fraud, did not personally attend the hearing held in Seoul, Forkast reported.

South Korean prosecutors in April formally indicted Shin and nine others on multiple charges, including violations of capital markets law. That followed prosecutors’ months-long investigation into Terraform’s alleged wrongdoings that caused a dramatic implosion last year, wiping out more than $40 billion in investor wealth.

On Monday, Shin’s lawyers requested more trial preparation time, arguing that the case is not a simple criminal trial and requires more technical support, according to local news outlet Chosun Biz. The second trial preparation date is currently set for August 28.

‘Fictitious’ project

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