A South Korean court has rejected prosecutors’ petition for the arrest of Terraform Labs co-founder Daniel Shin.

Local courts in South Korea It denied prosecutors’ request to issue an arrest warrant for Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin, in South Korea’s second attempt to arrest Shin following the arrest of Do Kwon and its co-founder. other recent Terra

On March 23, Do Kwon was arrested at Podgorica Airport in Montenegro while trying to use fake documents to fly abroad. Hoping to take advantage of the situation, the District Attorney’s Office of Southern Seoul sought an arrest warrant on March 27 for Daniel Shin, claiming he was involved in receiving illegal profits from the sale of Terra (LUNA), and TerraUSD (UST)

However, the Southern District Court of Seoul rejected the request. It cites unconfirmed allegations and that Daniel Shin is unlikely to risk escape or destroy evidence. followYonhap local media report

Shin currently faces multiple fraud charges. This is especially true in connection with the concealment of risks associated with in-house token investments by Terraform Labs.

Montenegrin Justice Minister Marko Kovač said that The United States has made diplomatic efforts to request Kwon’s extradition, while South Korean officials have also requested his extradition.

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