S. Korean Judge Dismisses Arrest Warrant for Terra Co-Founder Shin

An arrest warrant for Do Kwon, another co-founder, remains in effect, however.

AccessTimeIconDec 2, 2022 at 5:48 p.m. UTC
Updated Dec 5, 2022 at 9:40 a.m. UTC

The arrest warrant for Daniel Shin, who founded stablecoin issuer Terraform Labs with Do Kwon, was dismissed by a South Korean court on Saturday local time, according to Yonhap News.

"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," Hong Jin-pyo, chief judge in charge of warrants at the Seoul Southern District Court, said, according to Yonhap.

A Terraform Labs spokesperson told CoinDesk that the decision "once again illustrates the unfounded nature of the prosecutors' claims."

An arrest warrant has also been issued for Do Kwon, but his location is unknown. Key personnel and former employees from Terraform Labs have been banned from leaving the country.

Arrest warrants for three early investors and four developers of Terra Luna, which were also requested together, were all dismissed for the same reason on Saturday, according to Yonhap.

UPDATE (Dec. 2, 17:57 UTC): Updated with details and background throughout.

UPDATE (Dec. 5, 09:39 UTC): Adds comment from Terraform Labs in third para.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Nelson Wang

Nelson Wang was CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.

Somi Sun

Somi Sun is a blockchain journalist currently reporting for CoinDesk Korea. She previously worked at Defense Media.