Terra Co-Founder’s Arrest Warrant Rejected by Court
- Prosecutors sought an arrest warrant to detain Daniel Shin
- Shin faced allegations including fraud, illegal fund-raising
Daniel Shin, co-founder of Terraform Labs, arrives at court in Seoul, South Korea, on Dec. 2.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
A South Korea court dismissed a request from prosecutors for an arrest warrant against Terraform Labs’ co-founder Daniel Shin.
In a ruling on Saturday local time, the Seoul Southern District Court said in a text message that Shin’s behavior during the investigation makes it difficult to believe he poses a flight risk or would destroy evidence. The court also said it dismissed arrest warrants for seven other people involved in the case for the same reason. They include three early investors and four developers of Terra, according to a Yonhap report.