SEOUL, April 25 (Reuters) - South Korean prosecutors on
Tuesday indicted the co-founder of the blockchain platform
Terraform Labs, Daniel Shin, for fraud and other charges, the
Yonhap news agency reported.
Shin's partner, Do Kwon, who is also a South Korean
national, was indicted by prosecutors in late 2022 for similar
charges in violation of the Capital Markets Act.
Terraform Labs did not immediately respond to a request for
comment.
Kwon was arrested in Montenegro last month and is in
custody, with both South Korea and the United States seeking his
extradition in connection with their own cases.
Montenegrin police charged Kwon and a second suspect with
forging official documents after police said they found doctored
Costa Rican passports, a set of Belgian passports, laptop
computers and other devices in their luggage.
Kwon and Shin developed the cryptocurrency TerraUSD, a
so-called stablecoin, and its paired token Luna, which collapsed
in May 2022 with their values falling to less than a penny,
sparking crypto market turmoil and fraud accusations.
(Reporting by Jihoon Lee; Editing by Robert Birsel)
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