- South Korean court has denied a second arrest order for Terraform Labs’ Daniel Shin.
- The prosecution has allegedly charged Shin with deception.
- Terra-Luna’s valuation fell last year due to the devaluation of its stablecoin.
According to a new report, a South Korean judge denied the prosecution’s plea for an arrest order for Daniel Shin, a co-founder of Terraform Labs, for the second time. The court declared that it wasn’t convinced that Shin posed a flight risk or a threat to interfere with the evidence in the case involving the failure of the Terra-Luna cryptocurrency and stablecoin last year.
The prosecution has allegedly charged Shin with deception, but the judge is not persuaded. Following the court’s rejection of an arrest order for Shin in December of last year, this ruling was made.
Shin has been accused, but the court has found twice that he poses no threat to society or the inquiry. Numerous buyers were impacted by the Terra-Luna crash, which was a significant development in the bitcoin world. The continuing inquiry into the issue generates public interest, and Shin’s repeated attempts to elude capture only heighten the suspense.
According to watchers, there will be an uproar over Shin’s ongoing independence in the face of such grave accusations. The inquiry into the Terra-Luna crash is far from over, and many speculate how he escaped being arrested twice.
Terra-Luna’s valuation reportedly fell last year due to the devaluation of its stablecoin, despite being created to enable quick, inexpensive, and stable cross-border transfers. The event has prompted government action against the sector in South Korea and elsewhere.
The drama is only heightened by the apprehension of one of Terraform Labs’ co-founders for using forged travel papers. Kwon allegedly tried to escape to China when he was apprehended. Shin, meanwhile, has repeatedly defended his innocence and stated that he was not responsible for Terra-Luna’s demise.