South Korea Files Arrest Warrant for Former Associates of Do Kwon

• Shin’s property was taken by South Korean authorities for more than $104 million.
• Authorities gathered proof of Kwon’s directive to influence the price of Luna Classic (LUNC).

Do Kwon, the co-founder, and CEO of Terraform Labs, is still being sought, but South Korean officials have expanded their inquiries to include additional Terra executives. An arrest warrant was filed by the prosecution for co-founder Daniel Shin and seven more engineers and investors of the company because they may have made illicit profits before the catastrophic collapse of the Terra ecosystem.

According to certain sources, arrest warrants were also requested for three Terraform Labs investors and four engineers in charge of the TerraUSD (UST) and LUNA ventures. Under the same suspicion of making ill-gotten gains, South Korean officials confiscated Shin’s assets worth more than $104 million on November 19. 

Reports that CEO Shin Hyun-Seong sold LUNA at a high point and reaped profits or that he made profits through other illegal means are not true,” claimed Shin’s attorney in support of the counter-story. Authorities gathered proof of Do Kwon’s directive to influence the price of Luna Classic (LUNC) as per reports.