SHIN Hyun-seung, also known as Daniel Shin, is the co-founder of Terraform Labs, a blockchain firm that developed the Terra blockchain and the TerraUSD (UST) stablecoin.
Shin has been accused of fraud and market manipulation in connection with the collapse of TerraUSD and Terra but has denied the charges.
Who is Shin Hyun-seung?
Shin Hyun-seung also known as Daniel Shin was born on January 10, 1989.
He graduated from the Wharton School of the University of Pennsylvania with a degree in economics.
Shin started his career as an information innovation assistant at Becker and Associates.
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He then moved to McKinsey as a Business Analyst.
In 2010, Shin founded TMON, South Korea’s leading e-commerce unicorn with $3.5 billion in sales.
He then co-founded Fast Track Asia, which invests and helps grow start ups – including Fast Five (office sharing stage) and FoodFly (food conveyance).
He also co-founded The Encore Company, a startup studio that helps failing organizations scale outside South Korea.
Shin co-founded Terraform Labs with Do Kwon in 2018, but the pair parted ways in 2020.
Shin then went on to set up payment company PortOne Global.
According to Shin: “PortOne’s mission is to empower digital commerce partners in Asia and help accelerate their growth.”
In November 2022, prosecutors in South Korea requested court approval for an arrest warrant on Shin and seven other former Terraform Labs associates.
However, a South Korean court denied the request with the judge saying the individuals had cooperated with the investigation so far and there was little chance Shin would flee.
However, on April 25, 2024 local prosecutors indicted Shin and nine other suspects, though none have been apprehended.
Shin is accused of fraudulently misrepresenting Luna and making as much as $100 million from selling the token before it collapsed.
Shin is also accused of falsely promoting the Terra stablecoin as a payment means after financial authorities said they had warned him not to do so.
Shin has denied the allegations.
Shin Hyun-seung is set to face trial on May 26, 2024 over the charges.
Shin comes from a well-connected family in South Korea.
His grandfather, Shin Jik-soo, is a former Korean justice minister, while his uncle, Hong Seok-hyun, is the chair of JoongAng Holdings, one of the country’s most prominent media groups.
Seoul Southern District Prosecutors’ Office financial crime unit head, Dan Sung-han, said in a press conference that Shin’s role in the collapse of Terraform Labs was more significant than that of Terraform chief Kwon.
Shin has a team of 30 lawyers for his defense.
What is Shin Hyun-seung’s net worth?
Shin Hyun-seung has an estimated net worth of $100 million.
Shin’s net worth has significantly declined since the collapse of TerraUSD and Terra.