South Korean prosecutors have requested an arrest warrant for Terraform Labs co-founder Daniel Shin. Yonhap, citing a statement from the agency, reports this.<\/p>\n
According to the publication, the authorities also sought arrest warrants for three Terraform Labs investors and four developers.<\/p>\n
The prosecutor’s office accuses Shin of illicit profits of about $105 million from the sale of premined LUNA. The agency noted that it regards cryptocurrencies as securities.<\/p>\n
The Terraform Labs co-founder is also charged with violations of the rules governing electronic financial transactions, as data and funds of the fintech company Chai Corp were allegedly used to promote LUNA. The latter belongs to<\/a> the entrepreneur.<\/p>\n Shin says that after founding Chai Corp. in 2020 he did not engage in activities related to Terraform Labs.<\/p>\n \u201cI left [Terraform Labs] two years before the collapse of Terra and LUNA, and I have nothing to do with the collapse,\u201d he said.<\/p>\n<\/blockquote>\n In September in South Korea an arrest warrant was issued<\/a> for Terraform Labs co-founder Do Kwon and five other company employees. In October, law enforcement carried out the first arrest<\/a>, but the court did not remand<\/a> the arrested Terraform Labs employee in custody.<\/p>\n Earlier, the prosecutor stated that has obtained evidence<\/a> of Kwon’s manipulation of the price of LUNA.<\/p>\n\n