South Korean Prosecutors Issue Arrest Warrant for Terraform Labs Co-founder Daniel Shin

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South Korean prosecutors have requested an arrest warrant for Terraform Labs co-founder Daniel Shin.

According to Yonhap, law enforcement officers have also requested warrants for three Terraform Labs investors and four developers.

The prosecutor’s office suspects Shin of making about $105 million in illegal profits from the sale of LUNA released on the premine. The department has noted they consider cryptocurrencies as a security.

The co-founder of Terraform Labs is also accused of violating the order of electronic financial transactions, since the data and funds of the fintech company Chai Corp were allegedly used to promote LUNA.