A judge at the Seoul Southern District Court reportedly struck down the arrest warrants for Terra co-founder Shin Hyun-seong, along with those for 3 Terra investors and 4 developers.
According to a December 3 story by South Korea’s Yonhap News Agency, Judge Hong Jin-Pyo said there was little risk that Shin or Terra’s associates would destroy evidence related to the case against the cryptocurrency firm, and dismissed the warrants the Seoul Southern District Prosecutor’s Office issued on Nov. 29. The report adds that Terra co-founder Do Kwon, who is also facing legal action in South Korea for his role in the company’s collapse, is unlikely to return to the country.
“The decision of the Seoul Southern District Court on December 3 to reject South Korean prosecutors’ arrest warrant requests for former Terraform Labs employees illustrates once again the baseless nature of prosecutors’ claims,” a Terra spokesperson told Cointelegraph.
South Korean authorities arrested Terraform Labs business chief Yoo Mo in October, but Judge Hong similarly dismissed the warrant within 48 hours, saying it was difficult to see the “necessity and importance” of the arrest. Instead, Kwon remained in the crosshairs of lawmakers and regulators, with his name on Interpol’s red notice list and without a valid South Korean passport to travel abroad.
Kwon has continued to be active on social media following the collapse of Terra, despite many cryptocurrency users directly blaming him for their loss of funds and the events surrounding the current bear market. In September, the Terra co-founder said he was “not making any effort to hide” from authorities. Later, he spoke with infamous hedge fund manager and pharmaceutical industry boss Martin Shkreli on a Twitch podcast about FTX and prison life.
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