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warrant for Terra co-founder Shin Hyun-Seong, as well as that for three Terra investors and four Terra developers, has been revoked by a Seoul Southern District Court judge.
What the report stated
As per the report (1) 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 proceedings in South Korea for his part in the firm's demise, is not expected to travel back there.
The failure of the Prosecution
The decision by the Seoul Southern District Court to deny the South Korean prosecutors' demands for arrest warrants for former Terraform Labs workers demonstrates the falsity of the prosecution's allegations. Still, Judge Hong quickly overturned the warrant, stating that it was difficult to understand the "necessity and importance" of the detention (2). 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 foreign travel.
Kwon's alleged innocence
Even though many cryptocurrency users have personally blamed Kwon for their losses and the circumstances surrounding the present cryptocurrency crisis, he has continued to be active on social media since Terra's demise. The co-founder of Terra declared in September that he was "making zero attempts to hide" from law enforcement. Later, on a Twitch podcast, he discussed FTX and possible prison sentences with the prominent hedge fund manager and pharmaceutical executive Martin Shkreli.