South Korea's prosecutor's office announced on Monday that it has obtained an arrest warrant for Terraform Labs co-founder Daniel Shin following the arrest of Terra co-founder Do Kwon and former Chai Corp CEO Han Chang-joon in Montenegro last week.
The Seoul Southern District Prosecutor's Office confirmed on March 27 that prosecutors are prosecuting Daniel Shin, the founder of Chai Corp and Terraform Labs. As prosecutors prepare to extradite Do Kwon to South Korea amid efforts by other countries to extradite Do Kwon, South Korea is seeking new investigations into Terra executives and associates.
The SDNY DOJ US Attorney filed an indictment in New York's Southern District Court with eight counts related to the $60 billion Terra-LUNA crisis. It includes issues of commodity fraud, securities fraud and conspiracy to engage in market manipulation.
South Korean prosecutors raided Daniel Shin's office and other properties last year and charged Daniel Shin and Terra executives with charges including fraud, breach of duty, violation of the Capital Markets Act and illegal fundraising. Meanwhile, South Korean courts have rejected requests for arrest warrants against Daniel Shin twice, on allegations that he did not leave the country or destroy evidence.
The US Securities and Exchange Commission (SEC) lawsuit revealed that Do Kwon and his company secretly processed more than 10,000 BTC from the company and converted some tokens into cash through a Swiss bank.
The price of Terra (LUNA) is trading at $1.29, down 2% in the last 24 hours and 12% in the week following Do Kwon's arrest. Meanwhile, Terra Classic (LUNC) price is trading at $0.000123, down 2% in the last 24 hours and 6% on the week.
