Daniel Shin

Daniel Shin alleged for violating the Electronic Financial Transaction Act: Prosecutors seeking to arrest 

Terraform Labs CEO, and Co-founder Daniel Shin alleged for gaining illegal profit before the collapse of blockchain firm cryptocurrencies. 

Terraform lab was founded in 2018 by Do Kwon and Daniel Shin in Seoul. It has collected more than $200 from investors such as Coinbase Ventures, Arrington Capital, Lightspeed Venture partner and Galaxy digital.

The arrest warrant —

According to Yonhap News, Prosecutors sought an arrest warrant for Daniel Shin. The warrant is also sought for three other Terra forms labs investors and four engineers from the TerraUSD and TerraLuna cryptocurrencies.Terraform lab was facing an investigation because an arrest warrant was issued for Do Kwon, another CEO and Co-founder of Terraform Labs, earlier in May after the investor complaint and an Interpol red notice was issued for Do Kwon. Still, his current location is not found yet. 

Prosecutors doubt Daniel Shin for pocketing $105 million worth of profit without informing investors by selling the token at a high price. Daniel Shin was charged for violating the Electronic Financial Transaction Act and pocketing $105 million worth of profit without informing investors. 

Shin said, “I left (Terraform Labs) two years before the collapse of Terra and Luna and have nothing to do with the collapse” in a written statement while expressing his regrets against the warrant. This all came to public when Terra Luna spent $2.8 billion on reviving UST instead of returning the investors. 

A prosecutor’s request was already approved by the Seoul Southern District Court of South Korea to seize $104 million of assets owned by the co-founder of Terraforms Labs, Daniel Shin according to the update of November 17.   



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