South Korean Prosecutor's Office Requests Arrest Warrant for Do Kwon's Ex-Partner

South Korean Prosecutor's Office Requests Arrest Warrant for Do Kwon's Ex-Partner

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Author: Robert Strickland
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South Korean Prosecutor's Office Requests Arrest Warrant for Do Kwon's Ex-Partner
South Korean prosecutors request an arrest warrant for former Do Kwon partner and Terraform Labs co-founder Daniel Shin
Following the detention of the former head of Terraform Labs, South Korean state prosecutors have again sought judicial approval to arrest Daniel Shin, which they failed to obtain last year

South Korean prosecutors have requested an arrest warrant for former Do Kwon partner and Terraform Labs co-founder Daniel Shin, Bloomberg reports. Authorities accuse him of fraud and breach of duty.

In December 2022, a court rejected a previous attempt by prosecutors to get a warrant for Sheen's arrest, saying it was hard to assume he could escape or destroy evidence. Authorities suspected him of making about $105 million in illegal profits from the sale of LUNA tokens.

Sheen's attorneys declined to comment.

The warrant request came after the arrest of Terraform Labs co-founder Do Kwon in Montenegro on March 23. Law enforcement agencies from various countries and Interpol had been looking for him for more than six months. According to the Montenegrin Interior Ministry, he tried to fly from Podgorica to Dubai with forged documents.

South Korea and the U.S. are seeking Kwon's extradition to stand trial on charges related to the May 2022 collapse of the TerraUSD (UST) stablecoin and Luna token. Their depreciation triggered a wave of bankruptcies in the cryptocurrency industry and caused more than $40 billion in losses. The U.S. accuses Kwon of fraud and South Korea of violating the Capital Markets Act.

Kwon intends to appeal the Montenegrin court's decision to extend his detention from the standard 72 hours to 30 days. The court made this ruling out of fear that Kwon would flee.

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