Odaily News: At the first hearing held at the Southern District Court in Seoul, the lawyer representing Daniel Shin, co-founder of Terra and former CEO of Chai Corp, requested Judge Jang Seong-hoon for more time to prepare for the criminal defense. According to the Chosun Ilbo, Daniel Shin did not personally attend the hearing.



The court has approved this request and scheduled the date for the second hearing on August 28th. The prosecutor expressed disappointment with the continued delay. The judge stated, "We will review the lawyer's opinion and reopen the trial preparation date to determine the defense opportunity and questioning order." (CoinGape)



According to News1, the Seoul Southern District Court in South Korea held the first court hearing today for Daniel Shin, co-founder of Terraform Labs, and seven other former Terra employees.



Previously, the Joint Investigation Team for Financial Securities Crimes of the Seoul Southern District Public Prosecutor's Office issued non-detention indictments against eight managers and employees, including Daniel Shin, related to the Terra project, on suspicion of fraudulent and unfair transactions under the "Capital Market Act." In the indictment, the prosecutor stated that they minted the "investment contract security" Luna token between April 2019 and May 2020, distributed it, and sold it to investors without submitting a securities report.