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South Korean prosecutors seek arrest of Terraform Labs founder

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Terraform Labs co-founder Daniel Shin is in the crosshairs of South Korean prosecutors for arrest. Shin allegedly violated the Electronic Financial Transactions Act by profiting from the sale of large quantities of LUNA.

Logo Earth after its network was shut down.

Today, South Korean media Yonhap reported on the intentions of the country’s prosecutor’s office to arrest Terraform Labs co-founder Daniel Shin.. In May, the Terra network, along with its native Terra asset (LUNA), collapsed fatally, taking billions of dollars from the asset’s owners in a matter of days. Because of this collapse, authorities around the world are trying to figure out how such a thing could have happened and have begun a much more thorough audit of everything related to digital assets.

According to Yonhap media, Prosecutors charged Shin with making illegal profits and violating the Electronic Financial Transactions Act.. Shin allegedly carried out the 105 million for the sale of the LUNA asset. on the secondary market without informing shareholders. This move could have unbalanced the value of the asset and caused large losses for investors.

On the other hand, Shin also allegedly used customer data from Chai, a separate entity from Terraform Labs of which he was also a director.. Using these users’ data, without their permission, would violate the Electronic Financial Transactions Act, cited above. Using this data would be for the purpose of providing LUNA to these users, even without their knowledge or consent.

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Shin has decided to leave Terraform Labs in March 2020.and at that point focused exclusively on Chai. The former co-founder has repeatedly denied in reports that he did not sell such large quantities of LUNA, nor could he have influenced the development of the market. On the other hand, Fintech Chai itself stores customer data in accordance with local regulations, which could be examined by authorities at any time. Authorities have already raided Chai’s headquarters in the middle of this month, taking away information relevant to the investigation.

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Shin joins Do Kwon, the other co-founder of Terraform Labs, who is wanted by Korean authorities.. Do Kwon is currently in location unknown and under arrest warrants. In addition, key personnel and some former Terraform Labs employees were prevented from leaving the country as a precautionary measure.

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