Terraform Labs co-founder on S.Korea crosshair following Do Kwon arrest

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After Terraform Labs founder Do Kwon was arrested in Montenegro for trying to fly offshore using fake documents, South Korean authorities killed another co-founder of the company, Shin Hyun-Seong. efforts to track down and arrest Daniel Shin.

Since November 2022, South Korean authorities have said that many Terra colleagues are helping Do Kwon use Terra (LUNA) and TerraUSD (UST) tokens to facilitate volatile and uncertain investment opportunities. I doubt it.

Translated from Filip Adzic, Minister of the Interior of Montenegro – “One of the world’s most wanted fugitives has been arrested in Podgorica”

Montenegrin police have detained South Korean citizen Do Kwon, suspected of being one of the most wanted criminals…” https://t.co/sCJ0FFrlEk

— Simon Dixon (@SimonDixonTwitt) March 23, 2023

However, following Kwon’s arrest on March 23, 2023, South Korean prosecutors are making new attempts to arrest Shin. suggest Bloomberg report. Prosecutors are said to be stepping up Shin’s detention. However, there is no official announcement on this point.

Authorities previously claimed that Shin profited around $105 million from the illegal sale of LUNA tokens before Terra’s demise. Meanwhile, Shin claims he has not been involved with Terra since January 2020, as evidenced by his LinkedIn profile.

Later, an arrest warrant was also sought for Shin, along with three investors and four engineers. Charges against co-founders include fraud, breach of duty, violation of capital market laws, and illegal fundraising.

Related: Do Kwon to be charged with fraud by US prosecutors hours after arrest

After being arrested using fake travel documents, Kwon was detained by Montenegrin authorities for the standard 72 hours. .

One of Kwon’s legal representatives plans to appeal the court’s decision and seek a reduction in detention, alleging there was no intentional use of the forged documents. The court ruled that Mr. Kwon was a foreigner whose identity was not clearly identified.

Magazine: “Terra Hit Us Very Hard”: Sunny Aggarwal of Osmosis Labs