First Trial Begins in Court Case Against Daniel Shin
According to local Korean media, the first trial in the court case against Daniel Shin, also known as Shin Hyun-Seong, is now underway. The first hearing took place on July 10. Shin is facing several accusations, including violating the Electronic Financial Transactions Act and the Capital Markets Act. He is also accused of conducting illegal sales of LUNA tokens, resulting in the confiscation of approximately $106 million by Korean authorities. Shin denies any involvement with the collapse of Terraform Labs and claims to have ended his engagement with the company in 2020.
Lawyers Request More Time to Prepare Defense
During the hearing, Shin’s legal team requested additional time to prepare for the trial, citing the complex nature of the case files. The case consists of 48 volumes filled with technological lingo and terms that require input from IT experts and consultants. The judge agreed to extend the discovery period, setting the next hearing for August 28. Shin himself was not present at the trial, as it was not required.
Prosecutors’ Request for Arrest Denied
Prosecutors had requested the arrest of Daniel Shin, but the court denied the motion. The court determined that there was little to no risk of Shin fleeing the country or evading the trial. In contrast, Do Kwon, who is currently serving time in jail in Montenegro, will likely be extradited to South Korea or the USA after his four-month sentence. Kwon had claimed not to know that his passport was fake.
Conclusion
The first trial in the court case against Daniel Shin, accused of various infractions including the illegal sale of LUNA tokens, is now in progress. Shin’s lawyers have requested more time to prepare, given the complexity of the case files. The judge agreed to extend the discovery period. Despite prosecutors’ request for his arrest, the court determined that Shin was not a flight risk. Meanwhile, Do Kwon, who has been serving time in Montenegro, may face charges in either South Korea or the USA after his sentence is complete.
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