An area courtroom in South Korea denied the prosecutor’s request to concern an arrest warrant for Terraform Labs co-founder Shin Hyun-Seong, also called Daniel Shin. This was the second try made by South Korean authorities to reign in Shin following the latest arrest of Do Kwon — Terra’s different co-founder.
On March 23, Kwon was arrested at Podgorica airport in Montenegro whereas making an attempt to make use of pretend paperwork to fly overseas. The Seoul Southern District Prosecutors Office took benefit of this case and, on March 27, requested an arrest warrant for Shin, citing his involvement in cashing in illicit income from Terra (LUNA) and TerraUSD (UST) gross sales.
However, the Seoul Southern District Court denied the request whereas citing unconfirmed allegations and the unlikeliness of Shin being a flight risk or destroying proof, in accordance with native media Yonhap.
Shin at present faces a number of fraud expenses, particularly in relation to allegedly hiding dangers related to investing within the in-house tokens by Terraform Labs.
Related: South Korea to look at crypto staking companies following the Kraken case
Following Kwon’s arrest in Montenegro, authorities from each the United States and South Korea have tried to extradite the entrepreneur.
As Cointelegraph reported, Montenegrin Justice Minister Marko Kovač stated the U.S. made diplomatic efforts to ask for Kwon to be handed over, whereas South Korean officers have requested extradition.
Magazine: US enforcement businesses are turning up the warmth on crypto-related crime
“In the case when we receive several extradition requests, I would like to say that determining to which state they will be extradited is based on several factors like the severity of the committed criminal offense, the location and time when the criminal offense has been committed, the order in which we have received the request for extradition and several other factors,” stated Kovač by an interpreter.