Seoul Southern District Court Rejects Detention of Terraform Labs Co-Founder

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The Seoul Southern District Court has rejected a request from the South Korean prosecutor’s office for a warrant to arrest Terraform Labs co-founder Daniel Shin.

According to Yonhap, the waiver also applies to arrest warrants for three of the company’s investors and four developers.

The corresponding requests were submitted to the court on November 30. The prosecutor’s office suspects Shin of making about $105 million in illegal profits from the sale of LUNA released on the premine.

According to the department, they consider cryptocurrencies as a security and Shin is also accused of violating the order of electronic financial transactions.

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