Shin Hyun-seong, former CEO of Chai Corporation, has denied charges of fraud related to Luna and Terra during his first trial, emphasizing the separation of his business from Kwon Do-hyung, CEO of Terraform Labs. Shin's lawyer argued that virtual assets lack securities properties and that there were no past regulations prohibiting virtual asset payment services in South Korea. The prosecution has charged the defendants with various offenses, including fraud, breach of trust, embezzlement, and violations of several financial acts, alleging they acquired 462.9 billion won in unfair profits. 🏦🕵️‍♂️ #CryptoFraud #LegalUpdate