According to Yonhap News on the 3rd, the arrest warrant for Shin Hyun-seong, former CEO of Chai Corporation, indicated as a key figure in the collapse of Earth-Moon, has been archived.
Hong Jin-pyo, chief judge in charge of warrants at Seoul South District Court, dismissed the arrest warrants at around 2:20 am the same day after questioning suspects (substantive warrant review) for eight early investors and developers of Earth and Moon, including former CEO Shin.
In this regard, Chief Justice Hong explained the reason for the dismissal, saying, “Considering the attitude towards the investigation, the background, the process and the content of the statement, it is difficult to see that there is a risk of destroying or escape evidence beyond the scope of exercising the right of self-defense”.
Former CEO Shin is considered a key figure in the collapse of Terra and Luna.
CEO Shin and others are accused of issuing stablecoin (fixed-price virtual asset) Terra and sister coin Luna without notifying investors even though the project itself, in which the price is automatically adjusted according to an algorithm, is flawed (specific economic crime aggravation). fraud under the Punishment Act), etc.
Kim Jeong-ho, Bloomingbit [email protected]
