Terra Do Kwon, LUNC Community Reacts To Court Rejecting Arrest Warrants

A South Korean court rejected arrest warrants against Terraform Labs’ co-founder Daniel Shin and seven others requested by prosecutors investigating the Terra-LUNA crisis. The judge ruled a lack of proof that executives and developers tried to destroy evidence or escape from the country.

Terra co-founder Do Kwon claims the news as another win for Terraform Labs. Meanwhile, the Terra Classic community showed mixed reactions to the dismissal of arrest warrants.

Do Kwon and LUNC Community On Dismissal of Arrest Warrants

The Seoul Southern District Prosecutor’s Office’s request to issue arrest warrants against Terraform Labs co-founder Daniel Shin, along with three early investors and four developers, was rejected on December 3, reported Yonhap News.

Hong Jin-pyo, chief judge in charge of warrants at the Seoul Southern District Court, stated a lack of proof to claim that Daniel Shin and others destroyed evidence or tried escaping the country. However, he agreed with Daniel Shin’s nature of crime related to Terra.

“Considering the attitude toward the investigation, the circumstances, process and contents of the statement, it is difficult to see that there is a risk of destroying evidence or escaping beyond the scope of exercising the right to legitimate defense.”

Prosecutors remained concerned by the court’s ruling and will review the dismissal and decide whether to file another arrest warrant. The court acknowledged the seriousness of the allegations, yet decided to reject the arrest warrants of those who have made undue profits under the pretext of protecting their rights to defend themselves.

Meanwhile, Terra’s Do Kwon in a tweet claimed another victory against South Korean prosecutors, saying “Strike 2.” Do Kwon believes prosecutors’ claims are based on speculation and lack any valid proof.

LUNC community member and Cosmos developer Cephii replied to Do Kwon with “Good signs brother.” However, most in the Terra Classic community were unhappy with the court’s decision as there is not a single arrest yet.

Terra Classic Price Awaits Bullish Momentum

Terra Classic price saw an over 15% rally on Friday after Binance burned over 6 billion LUNC tokens. Prosecutors’ action against Terra executives was also a factor behind the rally.

LUNC price currently trades at $0.0001791, down 4% in the last 24 hours. However, the sentiments remain strong in the Terra Classic community.

Also Read: Binance To Likely End Its Terra Classic ($LUNC) Burn Mechanism

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

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