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The court denied Daniel Shin’s warrant.
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The other accused were also released. They were accused due to illegal profit in the crypto market.
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Shin refuses any tie with the Terraform Labs. Shin stepped down from the post of CEO of Chai at the beginning of this year.
On December 3rd, Daniel Shin, the co-founder of Terraform Labs, was denied the warrant in Seoul Court. He was held on the charges of manipulating the blockchain firm’s cryptocurrency and gaining a huge illegal profit by the collapse of the cryptocurrency.
The legal prosecutors have also issued warrants on other people including three members of Terraform Labs who were investors, and four engineers who were working for cryptocurrency, Terra USD, and Luna.
An investigation process has been conducted on Terraform Labs. They were being accused of alleged fraud and evasion of tax after a complaint was filed against Do Kwon, another Co-CEO, by the investors. This happened in May. Do has been issued an interior as he is underground.
It is suspected by the prosecutors that Shin stored Luna. These tokens were pre-issued without any notification to investors. Due to this illegal practice, they collected a profit of 140 billion, which is USD 105 million. They sold them at a high point, and this made a huge loss for investors.
The Judge of Seoul Southern District Court, Hong Jin- Pyo decided to deny the detention of a 37-year-old entrepreneur, but he acknowledges the heavy nature of the crime. The court also denied the warrants of other servers.
The prosecutor says that the perpetrators see Luna cryptocurrency as a financial investment security due to the absence of a legal clause for crypto in the Capital Markets Act.
