Seoul Takes Control Over $160 Million in Assets of Former Terraform Employees, Founder

April 5, 2023 Bitcoin.com

Terra co-founder Daniel Shin’s arrest denied by court, citing low flight risk

April 1, 2023 Coin Telegraph

Shin currently faces multiple fraud charges, specifically concerning allegedly hiding risks associated with investing in the in-house tokens by Terraform Labs.

A local court in South Korea denied the prosecutor’s request to issue an arrest warrant for Terraform Labs co-founder Shin Hyun-Seong, also known as Daniel Shin. This was the second attempt made by South Korean authorities to reign in Shin following the recent arrest of Do Kwon — Terra’s other co-founder.

On March 23, Kwon was arrested at Podgorica airport in Montenegro while attempting to use fake documents to fly abroad. The Seoul Southern District Prosecutors Office took advantage of this situation and, on March 27, requested an arrest warrant for Shin, citing his involvement in cashing in illicit profits from Terra (LUNA) and TerraUSD (UST) sales.

However, the Seoul Southern District Court denied the request while citing unconfirmed allegations and the unlikeliness of Shin being a flight risk or destroying evidence, according to local media Yonhap.

Shin currently faces multiple fraud charges, specifically in relation to allegedly hiding risks associated with investing in the in-house tokens by Terraform Labs.

Following Kwon’s arrest in Montenegro, authorities from both the United States and South Korea have tried to extradite the entrepreneur.

As Cointelegraph reported, Montenegrin Justice Minister Marko Kovač said the U.S. made diplomatic efforts to ask for Kwon to be handed over, while South Korean officials have requested extradition.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

“In the case when we receive several extradition requests, I would like to say that determining to which state they will be extradited is based on several factors like the severity of the committed criminal offense, the location and time when the criminal offense has been committed, the order in which we have received the request for extradition and several other factors,” said Kovač through an interpreter.

South Korean Court Denies Arrest Warrant for Terraform Co-Founder Daniel Shin

April 1, 2023 Bitcoin.com

Terra’s branding at MLB opener draws attention from spectators

April 1, 2023 Coin Telegraph

Coin Telegraph

An attendee shared an image of a Terra banner with the slogan "a decentralized economy needs decentralized money," prominently displayed during Major League Baseball's opening day, as Terra's founder Do Kwon remains in custody in Montenegro.

As baseball enthusiasts flocked to Nationals Park in Washington D.C for the Major League Baseball (MLB) opening day, the presence of Terra (LUNA) – the crypto ecosystem that collapsed in May 2022 – didn’t go unnoticed by attendees.

A Twitter user who attended The Washington Nationals’ home opener against the Atlanta Braves on March 30, shared an image of Terra being prominently displayed on a banner with the slogan “a decentralized economy needs decentralized money.”

“Sounds like a solid company. Will check out” the user commented on the prominent placement of Terra at the stadium.

Sounds like a solid company. Will check out. pic.twitter.com/o3i9q2SnGA
— The D.C. Universe (@dcuniverse) March 30, 2023

Another Twitter user made it known that The Terra Club, a VIP pre-game venue experience, is still behind the home plate at Nationals Park, as well as "a big sign in left center" promoting Terra.

The partnership between Terra and The Washington Nationals' came into effect in February 2022, just months prior to the collapse of its native token, LUNA, and stablecoin UST.

The Terra community committed $38.2 million in UST over five years to secure the deal.

The partnership was proposed by Terra's founder Do Kwon through the community’s governance platform – who is now currently in custody in Montenegro, and will reportedly face harsh conditions in the penal system, according to an unnamed criminal defense lawyer in a March 29 Protos report.

It was noted that the conditions at Montenegro’s jails and prisons “haven’t changed” from those reported in a 2020 human rights report by the United States State Department.

The report cited a 2015 case in which prison officers were convicted of torturing and “inflicting grievous bodily harm” on 11 inmates.

Cointelegraph reached out to the Washington Nationals' for comment, but did not receive a response by the time time of publication.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Do Kwon to Stand Trial in Montenegro, May Serve Time Before Extradition

March 30, 2023 Bitcoin.com

Do Kwon To Be Held in Montenegro for 30 Days As Authorities Investigate Forged Passports: Report

March 29, 2023 The Daily Hodl

Do Kwon’s Extradition Likely to Take Time, Montenegrin Prosecutor Says

March 28, 2023 Bitcoin.com

Do Kwon registered a company in Serbia for $1 amid Interpol red notice: Report

March 28, 2023 Coin Telegraph

Do Kwon registered a company in Serbia for amid Interpol red notice: Report

Chai Corporation

The Terraform Labs executive reportedly established a company called “Codokoj22 d.o.o. Beograd” in Serbia, with its main business activity listed as consultancy services.

Terraform Labs co-founder Do Kwon established a company in Serbia for less than $1 just weeks after being flagged with an Interpol red notice, according to documents from the Serbian Business Registry.

As per a DLNews report on March 27 citing the official records, Kwon opened a company called “Codokoj22 d.o.o. Beograd” in October 2022 for $0.92 (100 Serbian dinars).

It registered its main business activity as consultancy services.

Although Kwon is the sole owner of the company, Han Chang-Joon, the former CEO of Chai Corporation, was reportedly listed as a co-director.

It has also been alleged that both Kwon and Han used their Korean passports to register the company — which is still reportedly in operation — with the Serbian Business Registry.

The report also noted that Kwon allegedly contracted Serbian law firm, Gecic Law, to represent him.

Ognjen Colic, a partner at Gecic Law, reportedly stated that Kwon underwent the standard security checks performed by the firm for every client, including an Interpol website search, which he wasn’t seen on.

“He is not on there – you can check it yourself now.”

Cointelegraph has checked Interpol’s website several times and has been unable to find any information related to Kwon, despite previous reports stating a red notice has been issued for his arrest.

Last week, both Kwon and Han were arrested in Montenegro after allegedly using forged Costa Rican travel documents.

Under the Criminal Code of Montenegro, the offense carries a maximum imprisonment sentence of three years.

A legal representative of Kwon confirmed that he will reportedly appeal the court’s decision to extend detention time for up to 30 days.

Meanwhile, United States prosecutors on March 23 announced that Kwon has been charged with fraud in a New York court.

US Prosecutors Slam Terra (LUNA) Founder Do Kwon With Eight Counts of Fraud for 2022 Crypto Collapse

March 26, 2023 The Daily Hodl

Embattled Terra (LUNA) Founder Do Kwon Arrested in Montenegro: Report

March 23, 2023 The Daily Hodl

Luna