Court Rejects Arrest Warrant for Terra Co-Founder

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Last Updated on December 3, 2022 by Bitfinsider

Prosecutors’ plea for an arrest order against Daniel Shin, a co-founder of Terraform Labs besides Do Kwon, was denied by a South Korean court.

The Seoul Southern District Court ruled on Saturday, stating via text message that it is difficult to imagine Mr. Shin posed a flight risk or would obliterate evidence given his actions during the investigation.

The court added that it has similarly dismissed the arrest warrants for seven additional parties to the case. According to a Yonhap article, they include three early investors and four Terra developers.

According to Yonhap, who also cited the court, the suspect’s right to present a defense against his main charge of breaking capital market laws must be guaranteed. Prosecutors will analyze the dismissal and determine whether to request another arrest warrant.

The prosecutor’s office did not immediately return calls.

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