Warrants have been seeking to arrest Terraform Labs founder Daniel Shin, three investors, and four engineers responsible for the TerraUSD (UST) and LUNA projects.
In the ongoing hunt for Terraform Labs founder and CEO Do Kwon, South Korean authorities have expanded their investigation to target other Terraform executives. Prosecutors have issued an arrest warrant for co-founder Daniel Shin and seven engineers and investors in the company on suspicion of profiteering before the collapse of Terra Environment. South Korea’s Seoul South Prosecutor’s Office suspects that Shin owns the Terra token (LUNA), which was issued in advance without the investors’ knowledge. In doing so, Shin reportedly made a profit of 140 billion won (about $105 million) by selling tokens issued during the bull market. Holding permits were also sought for three Terraform Labs investors and four engineers in charge of TerraUSD (UST) and LUNA projects, local media Yonhap News Agency reported. In Nov. On January 19, South Korean authorities confiscated more than $104 million in assets from Shin under suspicion of illegal sales.
At the time, Shin’s lawyer stood by the false news, saying that “the news that CEO Shin Hyun-Seong sold LUNA at a high time and profited or that he was profiting from other illegal methods is not true”.
Speaking against the arrest warrant, Shin pointed out: “I left (Terraform Labs) two years before Terra and Luna collapsed, and I had nothing to do with that collapse.”
It is intended to hold the money to reduce other losses to investors if Shin decides to throw away the full amount. Although Kwon insists that he is not on the run from the South Korean authorities, 4,000 members of a group of investors are trying to find out the fugitive’s whereabouts.
On Oct. On January 6, South Korea’s Ministry of Foreign Affairs ordered Kwon to surrender his passport, failure to do so would result in the permanent cancellation of his passport. The deadline has passed. A local report from South Korea said that prosecutors obtained evidence of Kwon’s order to manipulate the price of Luna Classic (LUNC). However, a spokesperson for Terraform Labs dismissed the allegations while speaking to Cointelegraph, expressing his disappointment that “Korean lawyers continue to try to circumvent capital market laws to support their programs and making baseless accusations”.
Unconfirmed reports suggest that Kwon moved from South Korea to Singapore before moving to Dubai, United Arab Emirates.
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