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Terraform Labs: South Korea issues arrest warrants for former Do Kwon colleagues



 South Korea has requested arrest warrants for Terraform Labs co-founder Daniel Shin, three investors and four engineers responsible for the TerraUSD and LUNA initiatives.


While the ongoing manhunt for Terraform Labs co-founder and CEO Do Kwon is still ongoing, prosecutors have issued an arrest warrant for co-founder Daniel Shin and seven other engineers and investors in the company after they were suspected of pre-Terra's massive collapse -Economists to have made illegal profits.


Prosecutors of the South District of Seoul in South Korea suspected that Shin owned Terra tokens that were pre-issued without the investors' public knowledge. Shin is said to have bagged 140 billion won (about 105 million USD) worth of profits by selling the pre-issued tokens during the bull market.


Arrest warrants have also been requested for three Terraform Labs investors and four engineers. You are responsible for the TerraUSD and LUNA initiatives. This was confirmed by the local news outlet Yonhap News Agency. On November 19, South Korean authorities seized over $104 million worth of assets from Shin on the same suspicion of making unfair profits.


At the time, Sin's attorney maintained the counter-statement that reports that CEO Shin Hyun-seong Luna sold at a peak and made profits, or that he made profits through other illegal methods are untrue.


Against the warrant, Shin said:


"I left (Terraform Labs) two years before the collapse of Terra and Luna and have nothing to do with the collapse."


The confiscation of the funds served the purpose of minimizing further losses for investors if Shin decided to sell them. While Kwon claims not to be on the run, 4,000 members of a retail investor group are attempting to trace his whereabouts.


On October 6, the South Korean Ministry of Foreign Affairs ordered Kwon to surrender his passport, which could result in his passport being permanently canceled. The deadline has since expired.


A local report from South Korea claimed that prosecutors obtained evidence of Kwon's order to manipulate the price of Luna Classic. So far, Terraform Labs has denied all allegations.


According to unconfirmed reports, Kwon moved to Singapore from South Korea before eventually fleeing to Dubai.

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