Korean authorities apply for arrest warrant for Terra (LUNA) co-founder, Do Kwon’s colleague: report

Prosecutors in South Korea are reportedly in search of an arrest warrant for the Terraform Labs co-founder, along with 7 other people, as aspect of an investigation into the Terra ecosystem’s notorious crash ( LUNA).

South Korea’s Yonhap information company reported that prosecutors investigating the situation are asking the Seoul Southern District Prosecutors’ Office to concern an arrest warrant for Shin Hyun-seong, co-founder of Terraform Labs, also recognized as Daniel Shin.

Shin allegedly stored the pre-issued LUNA tokens without having informing mainstream traders and pocketed an unlawful revenue of 140 billion won (around $105 million) by promoting the tokens. this announcement at a larger price tag.

Shin, who is also the CEO and founder of payment platform Chai Corporation, was also charged with violating the Electronic Financial Transactions Act for allegedly leaking the company’s purchaser facts to Terra.

Shin says that he is no longer tied to Terraform Labs.

“I left (Terraform Labs) two years before Terra and Luna fell, and had nothing to do with that downfall.”

The report says warrants are also staying sought for 3 Terraform Labs traders and 4 engineers of LUNA and the TerraUSD algorithmic stablecoin (UST).

The declare comes as Terra co-founder and CEO Do Kwon has but to be arrested. Kwon has admitted obligation for the downfall of LUNA and UST, but his whereabouts are nonetheless unknown.

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