Terra co-founder Daniel Shin’s arrest denied by court, citing low flight risk

A section tribunal successful South Korea denied the prosecutor’s petition to contented an apprehension warrant for Terraform Labs co-founder Shin Hyun-Seong, besides known arsenic Daniel Shin. This was the 2nd effort made by South Korean authorities to reign successful Shin pursuing the caller apprehension of Do Kwon — Terra’s different co-founder.

On March 23, Kwon was arrested astatine Podgorica airport successful Montenegro portion attempting to usage fake documents to alert abroad. The Seoul Southern District Prosecutors Office took vantage of this concern and, connected March 27, requested an apprehension warrant for Shin, citing his engagement successful cashing successful illicit profits from Terra (LUNA) and TerraUSD (UST) sales.

However, the Seoul Southern District Court denied the petition portion citing unconfirmed allegations and the unlikeliness of Shin being a formation hazard oregon destroying evidence, according to section media Yonhap.

Shin presently faces aggregate fraud charges, specifically successful narration to allegedly hiding risks associated with investing successful the in-house tokens by Terraform Labs.

Related: South Korea to analyse crypto staking services pursuing the Kraken case

Following Kwon’s apprehension successful Montenegro, authorities from some the United States and South Korea person tried to extradite the entrepreneur.

As Cointelegraph reported, Montenegrin Justice Minister Marko Kovač said the U.S. made diplomatic efforts to inquire for Kwon to beryllium handed over, portion South Korean officials person requested extradition.

Magazine: US enforcement agencies are turning up the vigor connected crypto-related crime

“In the lawsuit erstwhile we person respective extradition requests, I would similar to accidental that determining to which authorities they volition beryllium extradited is based connected respective factors similar the severity of the committed transgression offense, the determination and clip erstwhile the transgression discourtesy has been committed, the bid successful which we person received the petition for extradition and respective different factors,” said Kovač done an interpreter.