Terra co-founder avoids arrest: Court rejects plea

A week ago you read in crypto news that Do Quan, the infamous founder of the Terra (Luna) ecosystem, was arrested in Montenegro. He allegedly tried to leave the country with forged documents, Montenegro’s interior minister said at the time. Since he has been hiding since the dramatic collapse of Terra in May 2022, this is nothing more than an easy hunt.

The Seoul Southern District Prosecutor’s Office took advantage of the situation to request an arrest warrant on March 27 for Terraform Labs co-founder Daniel Shin. He was allegedly involved in monetizing illegal profits from the sale of Luna and TerraUSD (USD).

Co-founder Terra was not arrested

A local court in South Korea rejected a prosecutor’s request to issue an arrest warrant for Shin. This is the second attempt by South Korean authorities to handcuff Shin.

In denying the request, the Seoul Southern District Court cited unsubstantiated allegations and cited Shin’s flight endangerment or destruction of evidence. according to this An article from local media Yonhap.

Currently, Shin is facing multiple fraud charges, specifically related to concealing the risks associated with investing in Terraform Labs’ in-house tokens.

Will Guan be deported?

A few days ago, officials from both the United States and South Korea requested Do Kwon’s extradition. However, Justice Minister Mark Kovac in Montenegro said at a press conference on Monday that Do Quan must first appear in a Montenegrin court. Deportation is possible only after this.

Authorities in Montenegro want to detain him for up to 30 days because they say he is more likely to try to escape. However, Do kwon wants to prevent this and so appeals.