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Cryptoknowmics
Mar 27, 2023
by Cryptoknowmics

Daniel Shin Sought After Do Kwon's Arrest In South Korea

Daniel Shin
Prosecutors in South Korea are seeking to arrest Daniel Shin, the Fintech entrepreneur behind the Terraform Labs cryptocurrency project that lost a $60 billion loss. The Seoul prosecutor office confirmed that they are making new efforts to arrest Daniel Shin but did not provide any additional information regarding the matter. 

Do Kwon facing extradition in the U.S. over the TerraUSD crash

Both South Korea and the US are currently seeking Do Kwon's extradition on charges related to the crash of an algorithmic stablecoin TerraUSD and its associated token Luna. The explosion of these tokens triggered a series of crises in the cryptocurrency market compounding the devaluation of $2 trillion in digital asset values.

Shin left Terraform Labs in 2020 and is not involved in its operation

Shin left Terraform Labs in 2020 and has not been involved in its operation since then. A South Korean court rejected an earlier attempt by prosecutors to apply for an arrest warrant citing Shin's absconding grounds or destroying evidence. Seoul prosecutors stated that Shin was facing charges including fraud, breach of duty, violation of capital markets law, and illegal fundraising. 

Kwon denies false travel documents in the U.S. over Montenegro

Kwon became elusive after Seoul requested arrest and his whereabouts was known. Kwon was attempting to fly to Dubai using false travel documents when he was detained.

Kwon’s lawyer stated that Kwon denies allegations that he attempted to leave Montenegro using a fake passport. The US has accused Kwon of fraud, while the South Korean charges against him include breaches of capital markets law.

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Daniel Shin
Daniel Shin Sought After Do Kwon's Arrest In South Korea
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