Judge Hong Jin-Pyo reportedly stated that there was little risk of Shin Hyun-seong or other Terra associates destroying evidence related to the case against the platform. South Korean judge dismisses arrest warrants for Terra co-founder Do Kwon’s former associates.
According to reports, the arrest warrants for Terra co-founder Shin Hyun-seong, three investors, and four developers have been revoked by a judge at the Seoul Southern District Court.
Judge Hong Jin-Pyo said there was little risk of Shin or the Terra associates destroying evidence related to the case against the crypto firm and dismissed warrants issued on Nov. 29 by the Seoul Southern District Prosecutors Office, as reported by Yonhap News Agency on December 3.In addition, the report stated that Terra co-founder Do Kwon, who was also the subject of legal action in South Korea for his part in the company’s demise, was unlikely to return.
A spokesperson for Terra told Cointelegraph, “The unfounded nature of the prosecutors’ claims once again illustrates the rejection of detention warrant requests for former Terraform Labs employees by the Seoul Southern District Court on December 3.”
Yoo Mo, the CEO of Terraform Labs, was detained in October by authorities in South Korea. However, Judge Hong dismissed the warrant in a similar manner within 48 hours, stating that it was difficult to recognize the “necessity and significance” of the arrest. Kwon, on the other hand, was still the target of lawmakers and regulators. His name was added to the Red Notice list maintained by Interpol, and he no longer possessed a South Korean passport that could be used for travel internationally.
Despite the fact that many crypto users directly blame Kwon for their loss of funds and the events surrounding the current bear market, Kwon has continued to be active on social media following Terra’s collapse.
The Terra co-founder stated in September that he was “making zero effort to hide” from the authorities. He then spoke on a Twitch podcast about FTX and living in prison with Martin Shkreli, a well-known pharmaceutical executive and hedge fund manager.