According to reports, Judge Hong Jin-Pyo stated that there was little chance that Shin Hyun-seong or other Terra affiliates would obliterate crucial evidence in the prosecution against the platform.
According to reports, an arrest warrant for Terra co-founder Shin Hyun-seong, as well as that for three Terra investors and four Terra developers, has been revoked by a judge from the Seoul Southern District Court.
According to a Dec. 3 report from South Korea’s Yonhap News Agency, Judge Hong Jin-Pyo dismissed warrants that the Seoul Southern District Prosecutors Office had issued on Nov. 29 because she believed there was little chance that Shin or the Terra associates would destroy evidence relevant to the case against the crypto firm. According to the story, Terra co-founder Do Kwon, who is also the target of legal action in South Korea for his part in the firm’s demise, is not expected to travel back there.
A representative for Terraform Labs said that the Seoul Southern District Court’s Dec. 3 decision to deny South Korean prosecutors’ demands for detention warrants for former employees “illustrates the baseless nature of the prosecutors’ assertions.”
Yoo Mo, the head of business at Terraform Labs, was detained by South Korean authorities in October, but Judge Hong quickly overturned the warrant, stating that it was difficult to understand the “necessity and significance” of the detention. Kwon, on the other hand, continued to be a target of lawmakers and authorities due to the addition of his name to Interpol’s Red Notice list and the fact that he no longer had a valid South Korean passport for international travel.
Despite many cryptocurrency users directly blaming him for their losses of assets and the circumstances leading up to the current bear market, Kwon has continued to be active on social media in the wake of Terra’s collapse. The co-founder of Terra declared in September that he was “making zero attempt to hide” from law enforcement. Later, he discussed FTX and possible prison sentences with prominent hedge fund manager and pharmaceutical executive Martin Shkreli on a Twitch podcast.