ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

South Korean prosecutors seek arrest of Terraform co-founder Shin

Investigation widens into collapse of cryptocurrencies TerraUSD and Luna

South Korean prosecutors are widening their investigation into the collapse of the TerraUSD and Luna cryptocurrencies issued by Terraform Labs.   © AP

SEOUL -- South Korean prosecutors said Wednesday they have sought an arrest warrant for Terraform Labs co-founder Daniel Shin for alleged fraud and market manipulation, widening their investigation on the collapse of the TerraUSD and Luna cryptocurrencies issued by the company. 

The Seoul Southern Prosecutors' Office, which specializes in investigating financial and securities crimes, said it has requested a warrant for the arrest of Shin on suspicion of taking unfair gains worth 140 billion won ($106 million) by trading Luna before its collapse. It said Shin is also suspected of leaking to Terraform customer information from a fintech startup he founded. 

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more