Prosecutors seek arrest warrant for Terraform Labs' co-founder Daniel Shin: Yonhap

Quick Take

  • The Seoul Southern District Prosecutors Office is seeking an arrest warrant for Shin, according to local publication Yonhap.
  • But Shin told Yonhap he had “nothing to do with the collapse” of Terra.

Prosecutors in South Korea are reportedly seeking an arrest warrant for Terraform Labs co-founder Daniel Shin.

The Seoul Southern District Prosecutors Office said Wednesday that it is seeking the arrest warrant over Shin allegedly taking illegal profits from Terra, the blockchain ecosystem overseen by Terraform Labs, prior to its spectacular collapse in May, according to a report from Yonhap News Agency.

The same authorities reportedly raided the offices of Chai Corporation, a payments technology company founded by Shin, earlier this month. Authorities in South Korea have previously issued a warrant for the arrest of Shin’s co-founder at Terraform Labs, its CEO Do Kwon, as well as asking Interpol to issue a red notice for Kwon’s arrest. That came despite Kwon’s claims that he is not on the run.

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