After Terraform Labs co-founder Do Kwon was arrested in Montenegro while trying to board a plane with fake documents, South Korean authorities attempted to track down and arrest Shin Hyun-Seong, also known as Daniel Shin – another co-founder of Terra.
Since November 2022, Korean authorities have questioned the participation of many Terra colleagues in helping Do Kwon promote volatile and uncertain investment opportunities with Terra tokens (LUNA) and TerraUSD ( UST).
However, following Kwon's arrest on March 23, 2023, South Korean prosecutors are making a new attempt to arrest Shin. However, no official announcement has been made in this regard.
Authorities previously alleged that Shin made about $105 million in profits from the illegal sale of LUNA tokens prior to Terra's demise. On the other hand, Shin claims to have no relation to Terra after January 2020, as evidenced by his LinkedIn profile.
An arrest warrant was also issued for Shin, along with three investors and four engineers. The charges against the co-founder include fraud, breach of duty, violation of capital markets laws, and illegal fundraising.
After being caught using a fake passport, Kwon was detained by Montenegro authorities for 72 standard hours. However, at the request of the authorities, the Montenegro court approved an extension of Kwon's detention for another 30 days.
Declaring that there was no intention to use fake documents, Kwon's lawyer intends to appeal the court's decision and ask for a reduction in detention. The court considered Kwon to be a foreign national whose identity cannot be clearly identified.
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According to Cointelegraph