Co-founder of Terraform Labs Daniel ShinIt is reported that an arrest warrant has been issued for him.
The collapse of Terra’s algorithmic UST stablecoin and its sister LUNA cryptocurrency, once one of the most widely used cryptocurrencies especially in the decentralized finance community, affected hundreds of thousands of investors worldwide and had an industry-wide impact. South Korean authorities have been after Do Kwon and other Terra associates since Terra collapsed in May.
According to media reports, the Terraform Labs co-founder is accused of making illegal profits and violating the Electronic Financial Transactions Act.
Arrest Warrant for Co-Founder of Terraform Labs
South Korean news service Yonhap, prosecutors co-founder of Terraform Labs Daniel ShinHe said he wanted a warrant for his arrest.
Yonhap charged Shin of prosecutors with $105 million at the highest level in the market without informing investors. LUNA He says he accuses him of making illegal profits for selling it. He is also accused of violating the Electronic Financial Transactions Act for using customer data from Chai, a separate firm he manages, to promote Luna.
South Korea, recently approved Daniel Shin’s request for an asset freeze of 104 million dollars for these reasons.
