Following the arrest in Montenegro of Terraform Labs co-founder Do Kwon while trying to board a plane with false documents, South Korean authorities have redoubled their efforts to track down and arrest Shin Hyun-Seong, also known as Daniel Shin, the other co-founder of Terra.
Since November 2022, South Korean authorities suspect the involvement of numerous Terra colleagues in helping Do Kwon promote volatile and uncertain investment opportunities with Terra (LUNA) and TerraUSD (UST) tokens.
Translation from Montenegro Minister of Interior Filip Adzic – “ONE OF THE WORLD’S MOST WANTED FUGITIVES WAS ARRESTED IN PODGORICA
Montenegrin police have detained a person suspected of being one of the most wanted fugitives, South Korean citizen Do Kwon…” https://t.co/sCJ0FFrlEk
—Simon Dixon (@SimonDixonTwitt) March 23, 2023
Translation of the Minister of the Interior of Montenegro Filip Adzic – “ONE OF THE MOST WANTED FUGITIVES IN THE WORLD WAS ARRESTED IN PODGORICA. The Montenegrin police have arrested a person suspected of being one of the most wanted fugitives, the South Korean citizen Do Kwon… “
However, following Kwon’s arrest on March 23, 2023, South Korean prosecutors are making a new attempt to apprehend Shin, a Bloomberg report suggests. It reads that prosecutors are launching a new offensive to arrest Shin. However, no official announcement in this regard has been made public.
Authorities have previously alleged that Shin made some $105 million in profit from illegal LUNA token sales before Terra’s collapse. On the other hand, Shin claims to have had no involvement in Terra after January 2020, as evidenced by his LinkedIn profile.
Arrest warrants were subsequently sought against Shin, three investors and four engineers. The charges against the co-founder include fraud, breach of obligations, violation of capital markets law and illegal fundraising.
After being caught using false travel documents, Kwon was detained by the Montenegrin authorities for 72 hours. However, at the request of the authorities, the Montenegrin court approved the extension of Kwon’s detention for 30 days.
Claiming that there was no intention to use false documents, one of Kwon’s legal representatives plans to appeal the court’s decision and request a reduction in detention time. The court considered Kwon a foreign national whose identity was not clearly identified.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.