The District Court of Southern Seoul has held the first preliminary hearing for Terraform Labs co-founder Daniel Shin and seven other former Terraform employees.
Shin was indicted in April for several charges including fraud.
South Korean prosecutors in April formally indicted Shin and nine others on multiple charges, including violations of capital markets law.
Shin was not present at the trial and his lawyers requested more trial preparation time, arguing that the case is not a simple criminal trial and requires more technical support.
The second trial preparation date is currently set for August 28.
The Seoul Southern District Prosecutor’s Office have described Terra’s algorithmic Terra-Luna stablecoin project as “fictitious.” Prosecutors also say that the project caused “astronomical damage” for investors and took 463 billion won ($354.3 million) in profit.