Buy $GGsBreaking: Prosecutors To Arrest Terra’s Co-Founder Daniel Shin After Do Kwon
South Korean prosecutors’ office on Monday said they seek an arrest warrant against Terraform Labs’ co-founder Daniel Shin after the arrest of Terra co-founder Do Kwon and former Chai Corp CEO Han Chang-joon in Montenegro last week. CoinGape earlier reported that Do Kwon and former Chai Corp CEO Han Chang-joon established a crypto business in Serbia.
The Seoul Southern District Prosecutors’ Office confirmed on March 27 that prosecutors are seeking the arrest of Daniel Shin, founder of Chai Corp, who also co-founded Terraform Labs with Do Kwon. While prosecutors prepare for Do Kwon’s extradition to South Korea amid efforts by other countries to extradite Do Kwon, South Korea seeks a fresh investigation on Terra executives and affiliates.
DOJ’s US Attorney SDNY filed an indictment in the Southern District Court of New York with eight counts of charges related to the $60 billion Terra-LUNA crisis. It includes conspiracy to defraud, commodities fraud, securities fraud, wire fraud, and conspiracy to engage in market manipulation.
South Korean prosecutors raided Daniel Shin’s office and other properties last year and indicted Daniel Shin and Terra executives for charges including fraud, breach of duty, violation of the Capital Markets Act, and illegal fund-raising. However, the South Korean courts rejected arrest warrant requests against Daniel Shin twice, on claims that he will not leave the country or destroy evidence.
Shin’s lawyers previously said that he split from Terraform Labs in 2020 and has not been involved in its operations since.
Also Read: Crypto-Friendly SVB Acquired By First Citizens Bank At 99% Discount
The U.S. Securities and Exchange Commission (SEC) lawsuit disclosed that Do Kwon and his company secretly processed over 10,000 BTC out of the company and converted some tokens into cash via a Swiss bank.
Terra (LUNA) price trades at $1.29, down 2% in the last 24 hours and 12% in a week after Do Kwon’s arrest. Meanwhile, Terra Classic (LUNC) price is trading at $0.000123, down 2% in the last 24 hours and 6% in a week.
Also Read: Chinese Banks Are Extending Support to Hong Kong-based Crypto Firms
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