The Seoul Southern District Court in South Korea has rejected a second attempt by the prosecutor to issue an arrest warrant for Shin Hyun-Seong, also known as Daniel Shin, co-founder of Terraform Labs. The prosecutor had cited Shin’s alleged involvement in illicit Terra (LUNA) and TerraUSD (UST) sales as reasons for the warrant. However, the court denied the request, citing unconfirmed allegations and the low flight risk of Shin.
Shin is facing multiple fraud charges relating to his alleged concealment of investment risks associated with Terraform Labs’ in-house tokens. The court’s decision comes after the recent arrest of Terra co-founder Do Kwon at Podgorica airport in Montenegro. Both US and South Korean authorities are attempting to extradite Kwon.
