Wednesday, January 25, 2023
HomeNewsTerraform Labs' Prosecutors Seeking Arrest Warrant Yonhap, Daniel Shin

Terraform Labs’ Prosecutors Seeking Arrest Warrant Yonhap, Daniel Shin

According to South Korean news agency Yonhap, Terraform Labs co-founder Daniel Shin is the subject of an arrest warrant request from the prosecution.

According to Yonhap, Shin is accused by the prosecution of obtaining illegal profits while selling $105 million of LUNA at a market high without telling investors. He’s also accused of breaking the Electronic Financial Transaction Act by utilizing client information from Chai, a different business he managed, to advertise Luna.

In March 2020, Shin departed Terraform Labs to focus on Chai, a Fintech company. In earlier reports, he also denied selling LUNA at the top. According to Chai, the company stores all user data in compliance with regional privacy rules. Mid-November saw a raid by the police on the Chai office.

Do Kwon also has a warrant out for his arrest, however it is still unknown where he is. Exiting the country has been prohibited for key Terraform Labs personnel and former workers.

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