03-27-2023 icon

Terra’s co-owner becomes South Korea’s center of interest after Do Kwon’s apprehension

By Lucy Adegbe

Barely days after Terraform Lab’s co-owner Do Kwon was apprehended in Montenegro while attempting to flee to Dubai with falsified papers, South Korean officials have diverted attention to the trail and apprehension of Shin Hyun-Seong, also called Daniel Shin –Terra’s other co-owner.

Since November, South Korean officials have debated the participation of different Terra associates in assisting Do Kwon in the advertisement of unbalanced and skeptical investment ventures with the platform’s LUNA token alongside the TerraUSD coin.

Nonetheless, following Kwon’s detention on the recently passed March 23rd, the nation’s jurists have commenced new efforts to apprehend Shin, as proposed by Bloomberg news.

According to the news, South Korean jurists are planning a comeback, this time, to apprehend Kwon’s partner Shin. So far, there has been no formal address from officials to publicize and corroborate the action.

Officials claimed that Shin realized an estimated $105 million gain from criminal tradeoff of the LUNA coin prior to the crash of the Terra platform. Contrastingly, Shin alleged that he had no hand in Terra since February 2020, as proven by his LinkedIn account.

Apprehension warrants were, thereafter, requested for Shin and three shareholders, alongside four engineers.

The crashed Terra platform co-owner is accused of scams, violation of responsibility, breach of market regulations and illicit fundraising.