Crypto News

Cofounder of Terra-Luna attends court hearing as he awaits arrest

Terra Luna

According to The Korea Times, South Korean prosecutors may receive court permission to detain Terraform Labs co-founder Daniel Shin and seven other Terra associates as soon as today.

Together with the other parties, Shin attended a hearing at the Seoul Southern District Court that will determine the validity of his early-Friday arrest.

In order to detain Shin, four engineers, and three investors in the failed cryptocurrency company, the prosecutors are requesting permission.

After questioning the co-founder of Terra-Luna and his associates, the court will render a direct decision.

Before the project collapsed, Shin is alleged to have sold tokens worth $105 million. The prosecution claims that he stole illegal profits and committed fraud.

The co-founder of Terraform has denied selling his tokens at the peak of the market, saying that he kept a sizeable amount of them during the May crash.

The Terra’s Do Kwon, who received a red notice from Interpol in September, is also wanted by the South Korean authorities, who are looking for him.


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