South Korean newswire service Yonhap is reporting that prosecutors are seeking an arrest warrant for Daniel Shin, co-founder of Terraform Labs.
Yonhap says prosecutors are charging Shin with taking illegal profits as he sold $105 million of the LUNA currency at a market high without informing investors. He's also being charged with violating the Electronic Financial Transaction Act for using customer data from Chai, a separate firm he managed, to promote LUNA.
An arrest warrant has also been issued for Do Kwon, and his location is currently unknown. Key personnel and former employees from Terraform Labs have been banned from leaving the country.
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