A court in South Korea has again denied the arrest warrant for Daniel Shin, a co-founder of Terraform Labs who is being investigated for fraud. Shin has been accused of illegally profiting from the sale of over $100 million worth of the luna cryptocurrency before it collapsed.
Seoul Court Leaves Terraform Co-Founder at Large Citing Low Flight Risk
The Seoul Southern District Court has rejected a request by the Prosecutor’s Office for the pre-trial detention of Shin Hyun-seung, a co-founder of the failed blockchain firm Terraform Labs also known as Daniel Shin. He is believed to have played a key role in the collapse of the company’s cryptocurrencies, luna and the stablecoin terrausd.
On Thursday, the arrest warrant for Shin was denied for a second time, with the court stating that he is unlikely to be a flight risk or destroy evidence, the Yonhap news agency reported. The crypto entrepreneur is under investigation for illegal profits made before the coins crashed last year.
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