Terraform Labs co-founder Daniel Shin has denied any involvement in the collapse of the Terra Network and instead blames former CEO Do Kwon for the company's failure. Despite leaving the company three years ago, Shin has been charged by South Korean authorities for breaching capital markets laws, a charge he denies due to his departure from the company. Shin's lawyer argues that the regulatory scrutiny of the Terra project was unjustified as there were no laws prohibiting the development of virtual asset payment services. Meanwhile, Do Kwon, who is currently jailed in Montenegro for falsifying documents, maintains his innocence in a suit filed by the SEC, claiming that Terra-linked assets are securities.
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