• South Korean prosecutors are attempting to track down and arrest Shin Hyun-Seong, also known as Daniel Shin — Terra’s other co-founder.
• Authorities have previously alleged that Shin earned roughly $105 million in profits from illegal sales of LUNA tokens before Terra’s collapse.
• After getting caught using fake travel documents, Kwon was detained by Montenegro authorities for a standard 72 hours.
Terra Co-Founder in S.Korean Crosshairs Following Do Kwon Arrest
South Korean prosecutors are attempting to track down and arrest Shin Hyun-Seong, also known as Daniel Shin — Terra’s other co-founder — following the arrest of Terraform Labs’ co-founder Do Kwon in Montenegro while trying to board a plane using fake documents on March 23, 2023.
Suspicion of Involvement
Since November 2022, South Korean authorities have suspected the involvement of numerous Terra colleagues in helping Do Kwon promote unstable and uncertain investment opportunities with Terra (LUNA) and TerraUSD (UST) tokens.
Accusations Against Shin
Authorities have previously alleged that Shin earned roughly $105 million in profits from illegal sales of LUNA tokens before Terra’s collapse. On the other hand, Shin claims to have had no involvement in Terra after January 2020, as evidenced by his LinkedIn profile. Arrest warrants were also subsequently sought for him along with three investors and four engineers; charges include fraud, breach of duty, violation of capital markets law and illegal fundraising.
Do Kwon’s Arrest
After getting caught using fake travel documents, Kwon was detained by Montenegro authorities for a standard 72 hours; however upon request by the authorities, the court approved the extension of his detention by 30 days. His legal representative plans to appeal this decision and seek release on bail or house arrest awaiting extradition proceedings against him in South Korea