South Korean prosecutors immediately sought an arrest warrant against Terraform Labs co-founder Daniel Shin for allegedly siphoning off US$60 billion worth of cryptocurrency.
In addition to the offence, the prosecutor's office also charged Shin and seven other individuals with violating capital market laws and secretly collecting illegal funds.
The string, the issuance of an arrest warrant will be decided during the trial on December 2 at the Seoul Southern District Court.
However, Shin who is now the head of the fintech firm Chai Corp still cannot be contacted to ascertain if he will attend the hearing.
Despite this, Shin's lawyer insists that he was not only not involved in the illegal sale of Luna tokens worth 140 billion won (US$106 million) but also not involved in Terra's operations since he left the company in 2020.
Meanwhile, the founder of Terra Do Kwon, who denies all the charges against him, has disappeared following the Seoul public prosecutor until now he cannot track his whereabouts.
In context, Kwon and Shin founded Terraform Labs in 2018 to adapt blockchain technology as a payment service, but soon after each decided to part ways.
Meanwhile, the TerraUSD stablecoin works to have a stable value of US$1 while the Luna token which experienced a sudden fall in May has made the crypto market in a state of uncertainty.
