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Prosecutors Seeking Arrest Warrant for Terraform Labs' Daniel Shin: Yonhap

Sam Reynolds
·1-min read

South Korean newswire service Yonhap is reporting that prosecutors are seeking an arrest warrant for Daniel Shin, co-founder of Terraform Labs.

Yonhap says prosecutors are charging Shin with taking illegal profits as he sold $105 million of LUNA at a market high without informing investors. He's also being charged with violating the Electronic Financial Transaction Act for using customer data from Chai, a separate firm he managed, to promote Luna.

Shin left Terraform Labs in March 2020 to focus on Fintech firm Chai. He has also denied selling LUNA at the top in previous reports, and Chai says that it stores all customer data in accordance with local privacy laws. Authorities raided the Chai office in mid-November.

An arrest warrant has also been issued for Do Kwon, and his location is currently unknown. Key personnel and former employees from Terraform Labs have been banned from leaving the country.