A local court in South Korea denied the prosecution’s plea for a warrant to arrest Daniel Shin, also known as Shin Hyun-Seong, a co-founder of Terraform Laboratories. After Do Kwon, the other co-founder of Terra was recently detained.
Unsuccessful Attempts
South Korean officials made two unsuccessful attempts to detain Shin before the court’s ruling. Shin is accused of many fraud offenses, most notably for allegedly hiding the risks of purchasing Terraform Labs’ native tokens.
The co-founder of Terraform Labs, Do Kwon, was apprehended at Podgorica airport in Montenegro on March 23 for attempting to use forged documents to travel outside the country. The Seoul Southern District Prosecutors Department capitalized on this event by requesting an arrest warrant for Shin Hyun-Seong, also a co-founder of Terraform Labs, on March 27.
The warrant was requested because Shin was allegedly involved in the illicit gain of profits from the sale of Terra (LUNA) and TerraUSD (UST). Seoul Southern District Court denied Shin Hyun-Seong’s arrest warrant request after reviewing the request from Seoul Southern District Prosecutors Department.
This was based on unconfirmed allegations regarding Shin’s involvement in the illicit cashing of profits from Terra (LUNA) and TerraUSD (UST) sales. The court further argued that there was no likelihood of him destroying evidence or attempting to flee.
Presently, Shin Hyun-Seong is facing several fraud-related allegations. These charges are especially related to claims that he misrepresented the risks associated with Terraform Labs’ governance tokens, a company he co-founded.
US And South Korea Seek Extradition Of Terra Co-Founder Do Kwon
After the arrest of Do Kwon in Montenegro, the US and South Korean authorities sought to have, Kwon returned to their respective countries to face charges related to Terra’s cryptocurrency tokens.
The Justice Minister of Montenegro, Marko Kovac, made the revelation while commenting on developments regarding the issue. However, Kovač explained that in cases where multiple extradition requests are received, the decision on which state the individual will be extradited to will be determined by several factors. Kovač highlighted that some of the factors considered include the severity of the crime committed, the location and timing of the criminal offense, and the order in which the extradition requests were received. Nevertheless, the Justice Minister emphasized the importance of a fair and just decision-making process.
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