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Terraform Labs co-founder, Daniel Shin, said that ecosystem failure was to be blamed for the dramatic fall of the company. He said this during the recent trial that was held in South Korea.
Shin is on trial for his part in the collapse of the Terra and its Luna stablecoin. Although he left the company before it caved in under Do Kwon’s management, he is still believed to have a hand in the unfortunate bankruptcy of the company he co-founded with Do Kwon.
Shin’s Exit from the Company
Shin testified in court that he left Terraform Labs before it went bankrupt. He claimed that he and Do Kwon had already parted ways when Terra or Luna suddenly lost its value. Thus, he insisted that he had nothing to do with the eventual collapse of the crypto firm.
According to CoinTelegraph, his lawyer said that the Terra co-founder left the company in 2020 and cited “business reasons” for his decision. Before he teamed up with Do Kwon to set up Terraform in 2019, he was the chief executive officer of Chai, a payments technology startup.
In any case, he is also known as Shin Hyun Seong in South Korea, and along with seven others, he is facing court trials related to Terraform Labs. They all arrived at the Seoul Southern District Court on Monday, Oct. 30.
Case Against Daniel Shin
Shin is being accused of illegally obtaining money from investors by deception. His partner, who is currently locked up in Montenegro for falsification of documents, is also accused of fraud, but he has yet to face charges as he is not in South Korea yet.
At any rate, Crypto Slate reported that Shin dissociated himself from Do Kwon, and his lawyers claimed their partnership was terminated in 2020. Thus, they asserted that the court cannot hold their client liable for the failure of the Terra/Luna ecosystem, which happened in 2023.
“Shin parted ways with CEO Kwon for business purposes in 2020,” the lawyer argued. “The cause of the coin plunge was the unreasonable operation of the Anchor Protocol conducted by CEO Kwon and external attacks. It has nothing to do with the defendant, CEO Shin.
Photo by: Mariia Shalabaieva/Unsplash
