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Korea Prosecutors Seeking Arrest Order Terraform Labs’ Co-founder Daniel Shin

November 30, 2022
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The Korean Government Dispatched Agents To Serbia To Find Do Kwon

South Korea Issues Guidelines Defining Security Tokens

According to Yonhap News Agency, the Seoul Southern District Prosecutors Office said Wednesday that it is seeking an arrest warrant for Daniel Shin, the Terraform Labs co-founder, for allegedly taking illegal profits from Terra, the blockchain ecosystem overseen by Terraform Labs, before its spectacular collapse in May.
Korea Prosecutors Seeking Arrest Order Terraform Labs' Co-founder Daniel Shin

Earlier last month, the same officials reportedly raided the headquarters of Chai Corporation, a payments technology firm established by Shin.

Prosecutors accused Shin of breaching the Electronic Financial Transaction Act by allegedly using the client information and finances of fintech startup Chai Corp. to promote LUNA.

According to Yonhap, the Seoul Southern District Prosecutors Office has obtained warrants for three additional Terraform Labs investors and four engineers. Prosecutors think Shin obtained illicit gains of 140 billion won (about $105 million) through sales of LUNA, Terra’s native token, according to the newspaper.

Shin, meanwhile, denied any links to Terraform Labs until his departure from Do Kwon in March 2020, when he founded Chai. Shin resigned as Chai’s CEO earlier this year.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Arrest Warrant For Terra Co-Founder Daniel Shin Denied By Korean Court

Former Terraform Labs Leaders And The Court's Confusing Decision

BREAKING: Terraform Labs First Suspect Arrested By Korean Authorities

Korean Court Has Frozen $93 Million In Assets Of Terra’s Subsidiary

Terraform Labs Co-founder To Testify In The National Assembly Of Korea

Do Kwon's Full Interview About Terra's Collapse

Tags: Daniel Shindo kwonKoreaLUNATerraform Labs
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