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HomeCryptocurrency NewsWill the creator of Terraform labs escape punishment? Daniel Shin not arrested...

Will the creator of Terraform labs escape punishment? Daniel Shin not arrested again


In 2018, Shin and Kwon Do-hyung, also known as Do Kwon, created Terraform Labs. Do Kwon is now being placed under arrest in Montenegro on suspicion of using fake travel documents. Prosecutors have charged both of these South Korean citizens with fraud, breach of trust, and breaking the capital markets law in the wake of Terra-collapse, Luna’s which cost hundreds of thousands of investors their money. Terra-Luna had once been valued at US$40 billion.

Shin has rejected the accusations, claiming he cut ties with Kwon and Terraform in 2020, or well before the company imploded. An arrest warrant request for Terraform Labs co-founder Shin Hyun-seung, also known as Daniel Shin, was denied by a South Korean court on Thursday for the second time. The court reiterated that it did not believe Daniel Shin posed a flight risk or was likely to tamper with evidence in the investigation into the collapse of the Terra-Luna cryptocurrency and stablecoin last year. Authorities charge Shin with fraud. In December, the court rejected a warrant for Shin’s arrest.

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