Tuesday, February 7, 2023
HomeLaw & PoliticsSouth Korea Issues Arrest Warrants For Former Colleagues Of Do Kwon

South Korea Issues Arrest Warrants For Former Colleagues Of Do Kwon

In the middle of the continuing search for Terraform Labs co-founder and CEO Do Kwon, South Korean officials have expanded their inquiries to include additional Terra executives. Prosecutors put out an arrest warrant for co-founder Daniel Shin and seven other engineers and investors in the company because they thought they were making illegal money before the Terra ecosystem fell apart in a big way.

The Seoul Southern District Prosecutors Office in South Korea accused Shin of having Terra tokens, which were pre-issued without investors’ knowledge. Shin is said to have made 140 billion won (about $105 million) by selling the pre-issued tokens when the market was going up.

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 took Shin’s more than $104 million worth of property because they thought he had made money illegally.

Shin’s lawyer at the time agreed with the other narrative, saying that “it is not true that CEO Shin Hyun-seong sold Luna at a high point and made money or that he got money through other illegal means.”

The seizure of money was intended to limit future losses for investors in the event that Shin opted to sell the stolen assets. Even though Kwon says he is not trying to get away from South Korean police, 4,000 people from an investor club are trying to find him.

On October 6, South Korea’s Ministry of Foreign Affairs ordered Kwon to submit his passport, failing which his passport would be permanently cancelled. Since then, the deadline has passed. According to a South Korean media source, investigators discovered evidence about Kwon’s directive to manipulate the price of Luna Classic (LUNC). A Terraform Labs spokeswoman disputed the charges, expressing displeasure that “Korean prosecutors continue to attempt to distort the Capital Markets Act to suit their goal and promote spurious claims.”

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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