According to Yonhap News, Terra (Luna) An arrest warrant for Daniel Shin, the former CEO of Chai Corporation, which co-founded its issuer Terraform Labs with Do Kwon, was rejected by a Korean court on Saturday, local time.
Arrest Request Denied for Terra (LUNA) Founder
According to Yonhap, Hong Jin-pyo, chief judge of the Seoul Southern District Court’s search warrants, said, “Given the attitude, circumstances, process and content of the statement to the investigation, it is difficult to see that there is a risk that it would go beyond the scope of destroying evidence or exercising the right of self-defense. ” said.
An arrest warrant has also been issued for Do Kwon, and his whereabouts are currently unknown. Key staff and former employees of Terraform Labs are prohibited from leaving the country.
According to Yonhap, the jointly requested arrest warrants for Terra (LUNA)’s three initial investors and four developers were also denied on Saturday on the same grounds.
South Korean prosecutors charge Shin and others with fraud, violating the Securities Market Law and Electronic Financial Transactions Law, and misconduct.
According to prosecutors, Shin’s LUNA cryptocurrency allegedly making illegitimate profits of over 140 billion Korean won (approximately US$107 million) through its currency, promoting Terra stablecoin as a payment method despite multiple warnings from regulators, and misusing the private information of Chai Corporation users to promote Terra-Luna. is being done.
Shin founded and served as the CEO of payment technology firm Chai from 2019, but reportedly resigned earlier this year.
*Not investment advice.
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