- Two separate arrest warrant applications against Daniel were denied by S.Korean judges.
- Prosecutors in South Korea conducted a search warrant at Daniel Shin’s office last year.
With the arrest of Terra’s co-founder Do Kwon and former Chai Corp CEO Han Chang-joon in Montenegro last week, prosecutors in South Korea said on Monday that they are seeking an arrest warrant for Terraform Labs’ co-founder Daniel Shin. Do Kwon and Han Chang-joon, the former CEO of Chai Corp, reportedly started a crypto firm in Serbia.
On March 27, the Seoul Southern District Prosecutors’ Office revealed that prosecutors are attempting to have Chai Corp and Terraform Labs co-founder Daniel Shin, who also created Chai Corp, arrested. South Korea wants a new probe of Terra executives and affiliates as prosecutors prepare for Do Kwon’s extradition to South Korea amidst moves by other nations to extradite Do Kwon.
Left Terraform Labs in 2020
The US Attorney for the Southern District of New York has filed an indictment in connection with the $60 billion Terra-LUNA disaster. The accusation includes eight counts of crimes. Commodities and securities fraud, wire fraud, and market manipulation conspiracies are all included.
Prosecutors in South Korea conducted a search warrant at Daniel Shin’s office and other locations last year and accused Daniel Shin and Terra officials on many counts, including fraud, breach of duty, violation of the Capital Markets Act, and unlawful fund-raising.
Two separate arrest warrant applications against Daniel Shin were both denied by South Korean judges on the grounds that there was no reason to believe he would abscond or tamper with evidence. Previously, Shin’s attorneys said that their client had left Terraform Labs in 2020 and was no longer engaged in the company’s day-to-day activities.
