An Arrest Warrant Issued by South Korean For Do Kwon's Former Coworkers



Nov 30, 20222 min read

An Arrest Warrant Issued by South Korean For Do Kwon's Former Coworkers

In the midst of the continuing manhunt for Terraform Labs co-founder and CEO Do Kwon, South Korean officials have expanded their inquiries to include additional Terra executives. Prosecutors issued an arrest warrant for co-founder Daniel Shin and seven other engineers and investors in the corporation on suspicion of criminal profiteering prior to the huge collapse of the Terra ecosystem.

The Seoul Southern District Prosecutors Office in South Korea suspected Shin of having Terra LUNA tokens, which were pre-issued without investors' consent. Shin reportedly profited 140 billion won (about $105 million) by selling the pre-issued tokens during the bull market.

Arrest warrants were also issued for three Terraform Labs investors and four engineers in charge of the TerraUSD (UST) and LUNA ventures, according to local news agency Yonhap. On November 19, South Korean officials seized Shin's assets worth more than $104 million on suspicion of generating illicit gains.

Shin's counsel supported the counter-narrative at the time, arguing that "reports that CEO Shin Hyun-seong sold Luna at a high point and earned gains or that he acquired money via other illicit techniques are false."

Shin stated in opposition to the arrest warrant:

"I left (Terraform Labs) two years before Terra and Luna's demise and had nothing to do with the demise."

The seizure of funds was intended to limit future losses for investors in the event that Shin opted to sell the stolen assets. While Kwon claims he is not on the run from South Korean police, 4,000 members of a retail investor club are seeking to locate the fugitive.

According to a South Korean media report, prosecutors obtained evidence regarding Kwon's order to manipulate the price of Luna Classic. When contacted by Cointelegraph, a Terraform Labs spokesperson dismissed the allegations, expressing disappointment that "Korean prosecutors continue to try to contort the Capital Markets Act to fit their agenda and push baseless claims."

According to unconfirmed reports, Kwon relocated from South Korea to Singapore before settling in Dubai, United Arab Emirates.

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