Court Denies Arrest Warrant for Terraform Labs Co-Founder Again 

• A South Korean court refuses to issue an arrest warrant against Daniel Shin.
• The prosecutor’s request to issue an arrest warrant was denied for the second time. 

A South Korean court denied the request of the prosecutor to issue an arrest warrant against the co-founder of Terraform Labs Shin Hyun-Seong aka Daniel Shin. According to the court filing, it is the second time prosecutors have demanded to issue an arrest warrant after the arrest of another Terraform founder- Do Kwon.

As per local media of Korea- The Seoul Southern District Prosecutors Office requested a pretrial warrant to arrest Daniel Shin on March 27 regarding fraud charges and wiping out Terraforms cryptocurrencies TerraUSD and Luna before they collapsed. 

The prosecutors believe that Daniel was holding pre-issued Luna tokens without informing regular investors and earned an illicit profit of over 140 Billion Won (107.7 Million U.S. Dollars) by selling the token at a higher price point.

Prosecutors also claim that Daniel was using customer data of Chai Corp to promote Luna among crypto enthusiasts. Although the co-founder denied all allegations against him and said that after leaving the company in 2022 he was having no connections with the company and its co-founder Do Kwon. 

According to Crunchbase data, Daniel is a Founding Partner with Bass Investment and also holds the position of Chief Executive Officer and Founder at PortOne Global moreover he also founded TMON and is holding the position of Chairman in the same company.

Daniel has personally invested in more than 9 companies and some of them are Bering Lab, Korea Credit Data, Kek.tv, Travo, HonestFund, KFit, Toss Labs, BravePops Company, and OpenSurvey Incorporated. 

The court denied issuing the arrest warrant against Daniel saying that there are still disputes regarding the charges against Shin and it was unlikely that he would pose a flight risk or destroy evidence.

According to TheCoinRepublic Do Kwon was detained at Podgorica airport which is located in Montenegro. Kwon was nabbed by officials at the airport with several forged documents which include passports from Costa Rica and Belgium and a Hawaiian driving license. 

At press time LUNA was trading at $1.29 with a 24-hour trading volume of $34,268,588 and it is important to note that in the last 24-hour trading volume of LUNA climbed as high as 13%.

It is quite surprising that the all-time high of LUNA was $19.54 which is 93% more than the current trading price of LUNA.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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