Following the arrest of Terraform Labs founder Do Kwon in Montenegro while attempting to fly offshore using false documents, South Korean authorities have stepped up their efforts to track down and arrest the company’s other co-founder, Shin Hyun-Seong, as well. known as Daniel Shin.
Since November 2022, South Korean authorities have suspected the involvement of numerous Terra colleagues in helping Do Kwon promote volatile and uncertain investment opportunities with Terra (LUNA) and TerraUSD (UST) tokens.
Translation of the Minister of the Interior of Montenegro, Filip Adzic: “ONE OF THE MOST WANTED FUGITIVES IN THE WORLD WAS ARRESTED IN PODGORICA
The Montenegrin police have arrested a person suspected of being one of the most wanted fugitives, the South Korean citizen Do Kwon…” https://t.co/sCJ0FFrlEk
—Simon Dixon (@SimonDixonTwitt) March 23, 2023
However, after Kwon’s arrest on March 23, 2023, South Korean prosecutors are making a new attempt to arrest Shin. suggests a Bloomberg report. He says prosecutors are launching a new effort to arrest Shin. However, no official announcement in this regard has been made public.
Authorities have previously alleged that Shin made approximately $105 million in profits from illegal LUNA token sales prior to Terra’s collapse. On the other hand, Shin claims not to have been involved in Terra after January 2020, as evidenced by his LinkedIn profile.
Subsequently, arrest warrants were also sought for Shin, along with three investors and four engineers. The charges against the co-founder include fraud, breach of duty, violation of capital markets law and illegal fundraising.
Related: Do Kwon faces fraud charges from US prosecutors hours after arrest
After he was caught using false travel documents, Kwon was detained by the Montenegrin authorities for 72 standard hours. However, at the request of the authorities, the Montenegrin court approved the extension of Kwon’s detention for 30 days.
Claiming that there was no intentional use of false documents, one of Kwon’s legal representatives plans to appeal the court’s decision and seek a reduction in detention time. The court considered that Kwon was a foreign national whose identity was not clearly identified.
Magazine: ‘Terra Hit Us Incredibly Hard’: Osmosis Labs’ Sunny Aggarwal
