According to Yonhap News on the 3rd, the arrest warrant for Shin Hyun-seong, the former CEO of Chai Corporation, who is identified as a key figure in the Terra-Luna collapse, was dismissed.
Hong Jin-pyo, chief judge in charge of securities at Seoul’s Southern District Court, rejected the arrest warrants at about 2:20 am the same day after questioning the suspects (substantive review warrant) for eight early investors and the developers of Terra and Luna, including former CEO Shin.
Regarding this, Chief Judge Hong explained the reason for the dismissal, saying, “Considering the approach to the investigation, the background, the process, and the content of the statement, it is difficult to see that there is a risk of destruction or escape from evidence beyond that. the scope of the exercise of the right to legal defence.”
Former CEO Shin is considered a key figure in the downfall of Terra and Luna.
CEO Shin and others are accused of issuing a stable coin (a virtual asset with a fixed price) Terra and sister coin Luna without informing investors even though the design itself, where the price is adjusted automatic according to algorithm, is defective (specific economic crime aggravation). fraud under the Penal Act), etc.
Kim Jeong-ho, Bloomingbit reporter reporter1@bloomingbit.io
