cryptonews: A South Korean judge dismissed an arrest warrant for Daniel Shin, a co-founder of the Terra/LUNA stablecoin ecosystem that collapsed in May.😐
A South Korean judge dismissed an arrest warrant for Daniel Shin, a co-founder of the Terra/LUNA stablecoin ecosystem that collapsed in May.
Shin had been facing arrest for illegally gaining profits by selling $105 million worth of LUNA tokens when the cryptocurrency spiked — before it crashed when the two-token stablecoin ecosystem collapsed, the Korea Times said. Shin has claimed he sold 70% of his LUNA before it spiked this spring. There is still an arrest warrant outstanding for Shin's co-founder, Do Kwon, who has denied reports that he is on the run. However, his whereabouts are unknown and Interpol has issued a red notice for his arrest.
The core charges against Shin and Kwon are fraud charges, according to local news outlet YTN. These stem from warnings they were allegedly given by the Financial Supervisory Service in 2018 and 2019 that digital assets could not legally be used for payments at the time. Despite that, FSS officials said Shin and Kwon continued to promote the project to investors by saying the terraUSD stablecoin would be used for payments on ecommerce platforms.
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