Daniel Shin Banned From Leaving Korea: Interpol To Extradite Do Kwon

Shin Hyun-Seong—also known by his English name Daniel Shin—the co-founder of Terraform Labs, has been prevented from leaving the country as part of the investigation into the collapse of Luna and UST. The prosecuting attorneys have also discussed the prospect of coordinating efforts with Interpol in order to get a “Red Notice” demanding Terra co-founder Do Kwon’s extradition.

According to reports made public by local news outlets on July 27, the South Korean Ministry of Justice has granted permission for the Seoul Southern District Prosecutors’ Joint Financial and Securities Crime Investigation Team to release a “notice upon arrival” on Terra’s Do Kwon. This approval was given in response to the team’s request.

Do Kwon is presently being accused of issuing coins despite being aware of the possibility that the price of the digital asset may drastically drop at any time, therefore promising returns on investments that were unsustainable and falsely enticing investors.

Recently, Terra’s Shin has been in the headlines as a result of a search warrant executed at his home by investigating authorities in South Korea. His payments platform, Chai Corp, was also examined as part of the string of investigations that the government carried out against other businesses.

Both notifications will be helpful to the criminal investigation team in further investigating Do Kwon upon his arrival in South Korea from Singapore about suspicions of fraud and money laundering.