According to a report published by Bloomsberg, the South Korean authorities have paced up their efforts to arrest Shin Hyun-Seong, aka Daniel Shin. Daniel is the second of the two founders of Terraform Labs which collapsed last year, hurting the markets with losses of billions and pushing the industry to an extreme crypto winter.
The fall of the Terra-Luna created a domino effect in the industry, making other leading crypto businesses all the way from 3 Arrow Capital, to Alameda Research and FTX Exchange. These events caused immense losses to the industry and created extreme panic in the crypto market all over the world.
After the collapse, both the Co-Founder had been on a run until last week when Do Kwon was arrested while onboarding a flight with fake documents in Montenegro. Followed by this, the prosecutor’s office in Seol confirmed that the agency is putting in fresh attempts to arrest Daniel Shin but refused to share anything more than that.
According to Shin's lawyers, he parted ways with Terraform Labs in 2020 and has not been involved in its operations since then. In December, a South Korean court denied prosecutors' initial attempt to obtain an arrest warrant, stating that it was unlikely for Shin to flee or tamper with evidence.
Earlier, prosecutors in Seoul had alleged that Shin had committed fraud, breached his duty, violated capital markets laws, and conducted illegal fundraising, potentially leading to charges against him.
However, it is to note that the South Korean investigative agencies would be under pressure to present both the co-founders in front of the court and they will their best foot forward to execute the detention. Whatever will happen in the next few weeks would be in the limelight for the crypto industry.
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