S Korean enforcement agencies looking to arrest Luna co-founder Daniel Shin

Following the arrest of Do Kwon, the South Korean agencies are now planning to arrest all other main suspects who helped Kwon to mislead people to invest in Luna.

Do Kwon & Shin Hyun-Seong (also known as Daniel Shin) founded Terraform labs in 2018. The Terraform team created the Terra blockchain with two native tokens, Luna & TerraUSD. Luna & TerraUSD were integrated via a protocol and both of these two tokens collapsed badly in May 2022, during high volatility in the crypto sector. 

After the collapse of the Terra project, Do Kwon was on the run but finally on 23 March 2023 he was arrested in Serbia with a fake passport & I’d documents. 

Now, South Korean agencies are planning to take strict action and arrest all other suspects who supported Kwon in the Luna coin project. They are taking Daniel Shin as another culprit behind the downfall of the Luna coin, as he secured around $105 million worth of Luna coins, just before the Terra ecosystem collapsed. 

Along with Kwon & Daniel, there are 7 people on the radar of enforcement agencies. These are three investors and four engineers and the enforcement agency will take action on behalf of charges of fraud, breach of duty, violation of capital-markets law, and illegal fund-raising.

In Montenegro, Kwon was detained by local police for 72 hours but later Korean agencies urged them to exceed his detention time by 30 days, which has been approved. 

On the other hand, Kwon’s representative lawyers claimed that there was no intention to use fake Id documents and also urged the Montenegrin court to reduce Kwon’s detention time. 

A Crypto Twitter user reported a throughout Kwon’s body inspection found a Trezor stick (hardware crypto wallet) in his body.

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