According to The Korea Times, South Korean prosecutors could obtain court approval to arrest Daniel Shin, co-founder of Terraform Labs, and seven other Terra associates as soon as today.
Shin, along with the other individuals, attended a hearing at the Seoul Southern District Court that will decide his arrest early on Friday.
The prosecutors are requesting that Shin, four engineers, and three investors in the failed cryptocurrency company be arrested.
After questioning the Terra-Luna co-founder and his associates, the court will render a direct judgment.
Before the project collapsed, Shin is alleged to have sold $105 million worth of Luna tokens. By taking advantage of illegal profits, the prosecution claims that he has committed fraud.
The co-founder of Terraform has refuted claims that he sold his tokens at the price peak and has maintained that he held a sizeable amount of them throughout the May crash.
Additionally, Terra’s Do Kwon, who received a red notice from Interpol in September, is wanted by the South Korean authorities.
