South Korean Judge Rejects Terra Founder Do Kwon’s Arrest Warrant

Hong says that he canceled the warrants after questioning the suspects because he doesn’t think they’ll try to run away or destroy evidence.

“Considering the attitude toward the investigation, the circumstances, process, and contents of the statement, it is difficult to see that there is a risk of destroying evidence or escaping beyond the scope of exercising the right to legitimate defense.”

This week, South Korean prosecutors asked for arrest warrants for Kwon’s friends, including Shin, saying that he made illegal money by selling pre-issued LUNA tokens after the Terra ecosystem failed.

Shin, on the other hand, denies the accusations.

“I left (Terraform Labs) two years before the collapse of Terra and Luna, and have nothing to do with the collapse.”

Shin is also the CEO of the payment platform Chai Corporation, and he is also accused of giving Terra customer information from that company.

In November, South Korean police took over $100 million from Shin. They said that the money came from selling LUNA without a license.