A South Korean court denied the request of the prosecutor to issue a warrant for the arrest of Daniel Shin, the co-founder of Terraform Labs.
Interestingly, this was the second such attempt that had been made by the authorities in South Korea to reign in Shin after the arrest of Do Kwon- the other co-founder of the defunct cryptocurrency. On the 23rd of March, Do Kwon was arrested at the airport in Podgorica in Montenegro while attempting to fly abroad with fake documents.
The Southern District Prosecutors Office in Seoul went on to take advantage of this situation, and on the 27th of March, they went on to request an arrest warrant for Shin- as they cited the involvement of this individual in cashing in illicit profits from the sales of TerraUSD and Terra Luna.
Daniel Shin Has Not Been Considered A Flight Risk
However, the Southern District Court in Seoul went on to deny this request as they cited unconfirmed allegations- along with the unlikeliness of Daniel Shin being a flight risk, or even destroying the evidence, according to Yonhap- the local media. According to reports, Shin is currently facing several charges of fraud- especially about hiding risks that were associated with the investment in the in-house tokens by Terraform Labs.
After the arrest of Daniel Shin’s partner, Do Kwon, in Montenegro, the authorities from both South Korea and the United States tried for extradition. The Justice Minister of Montenegro, Marko Kovac, also went on record and stated that the United States had made several diplomatic efforts to the country to get Kwon, while the officials from South Korea had simply requested extradition. Kovacs stated that to be extradited, one had to consider several factors including the severity of the criminal offense, as well as the location and time.
