thecoinrepublic.com
- The judge of Seoul Southern District Court has now dismissed the arrest warrants for the co-founder, Shin Hyun-Seong, and the accused 3 Terra investors and 4 developers of a blockchain protocol and payment platform.
Yonhap News Agency, a major South Korean news agency released a report on December 3, which says that the judge of Seoul Southern District Court, Hong Jin-Pyo revealed the reason for dismissing the arrest warrant that the Seoul Southern District Prosecutors Office released on November 29.
As per the judge, there was some risk associated with the arrest warrant as there was a high chance that Shin or Terra’s partners may destroy the proofs. Going further in the report, the co-founder of Terra, Do Kwon, also experiencing legal action in the country for his hands being involved in the downfall of the company, was dubious about returning to the nation.
A spokesperson revealed to the media that, “The judgment that came out on December 3 by the Seoul Southern District Court about dismissing the warrant of ex-employees of Terra has again shown the baseless nature of purports of the prosecutors.
Officials in South Korea arrested the head of business of Terraform Labs, Yoo Moo, in October of this year, but also it was dismissed by the judge the same way as this case is witnessing. At that time, the warrant was dismissed in not more than 48 hours. The reason that was given for this move was “it was extremely tough to see the “requisite and importance” of the arrest.
Red Notice List
Adding to this, Kwon was still the aim of policymakers and regulators, having his hands involved in the Red Notice list of Interpol and now, he is not having a sound South Korean passport for international travel.
On October 6, a notice was released by the Ministry of Foreign Affairs of South Korea that asked Do Kwon to submit his passport. The order further stated “The escapee co-founder must submit his Korean passport to officials within 14 days from the issue of this order. If the mentioned person fails to do so, then the passport will be canceled automatically and the person will not be able to reissue it in the future.
Terraform Labs, the creator of the Terra ecosystem, purported that the case against Kwon is brought to an issue to its extreme extent. A spokesperson of the firm opinioned that prosecutors gave in to public pressure and elongated the explanation of security after linked crypto fell.