Arrest warrant for Daniel Shin! News from Terrafrom Labs. A co-founder of Terraform Labs is accused of making illegal profits and violating the Electronic Commerce Act, according to media reports.
South Korean news agency Yonhap reports that prosecutors are seeking an arrest warrant for Terraform Labs founder Daniel Shin. Yonhap says prosecutors accused Shin of making illegal profits when he sold $105 million of LUNA at a high market price without informing investors.
He is also accused of violating electronic commerce laws for using customer data from Chai, a separate company he ran, to promote Luna. Shin left Terraform Labs in March 2020 to focus on Chai’s fintech company. It has denied selling LUNA above in previous reports, and Chai says it stores all customer data in accordance with local privacy laws. Authorities raided Chai’s office in mid-November.
An arrest warrant has been issued for Do Kwon, and his current whereabouts are unknown. Terraform Labs executives and former employees are banned from leaving the country.