Terra Co-Founder Seeks Relief From Arrest Over $105M LUNA Sale Charges

As the legal troubles mount up for the Terra Co-founders, the accused executives made an appearance in the South Korean court. South Korean Prosecutors were seeking arrest warrants against Daniel Shin and seven other Terra associates.

Will Terra co founder get relief from arrest?

As per reports, Seoul Southern District Court launched an interrogation against Terra’s co founder in order to make a direct judgment over the arrest warrant. Prosecutors hints that the court is expected to declare the verdict by Friday night.

The accused person includes the early investors and engineers of Terraform Labs. It is expected that some of the accused were involved in the development of the its Stablecoin USTC and Luna Classic (LUNC).

Daniel Shin is accused of fraud and violating the Capital Markets Act and breach of duty. Report hints that Shin made illegal profits of more than $107 million (140 billion Korean won) using the LUNC. He was promoting the Terra stablecoin as a payment method despite receiving multiple warnings from regulators.