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.
