South Korean prosecutors have suffered a setback in an attempt to arrest the mastermind of the case Earth Ecosystem – after a court turn down Request for the arrest of Terraform Labs co-founder Daniel Shin, Shin’s fellow co-founder welcomed the news do quonWho celebrated the development on social media.
o bs Hong Jin-pyo, the chief judge in charge of warrants at the Seoul Southern District Court, had turned down the arrest warrant request. Hong was quoted as saying that given the “nature of the crimes” Shin was accused of being “very serious”, it was “difficult to see the necessity and significance” of issuing an arrest warrant at this time.
The court also rejected multiple requests for the arrest of four key network developers, along with other early-stage Terra investors. Prosecutors were expected to arrest Shin and others on charges related to fraud.
Shin, also known by his Korean name Shin Hyun-seong, is also the former CEO of Tea Corporation, a payments company that was raided by prosecutors as part of an investigation into whether Terraform sought to defraud its investors.
The investor group has also launched civil proceedings against Kwon, Shin and Terraform.
Doo Kwon expresses happiness over failure of prosecutors to obtain arrest warrant
Quan, who says he’s not “running away” from the law — despite being Served with Interpol Red Notice and an arrest warrant – took to Twitter to toast the apparent failure of the prosecution.
He also retweeted a tweet from a supporter who claimed Terra was “dying” of “FUD”, “all allegations” now “proven false.”
But it doesn’t look like prosecutors will let the case lie to them. OBS reported that the prosecution was “planning to decide” whether it would “re-apply for the arrest warrant after reviewing the court’s reasons for the rejection.”
Shin claims he left Terraform several years ago and had nothing to do with this year’s crash, which sent shock waves through the crypto community in early May.
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