A Seoul Southern District Court judge has reportedly quashed the arrest warrants for Terra co-founder Shin Hyun-seong, along with those of 3 Terra investors and 4 developers.
According to a December 3 report by South Korea's Yonhap news agency, Judge Hong Jin-Pyo said there was little risk that Shin or Terra's associates would destroy evidence related to the case against the crypto firm, and he dismissed arrest warrants issued by the Seoul Southern District Prosecutor's Office on Nov. 29. The report added that Terra co-founder Do Kwon, also facing legal action in South Korea over his role in the company's collapse, was unlikely to return to the country.
"The Seoul Southern District Court's Dec. 3 ruling to reject South Korean prosecutors' arrest warrant requests for former Terraform Labs employees illustrates yet again the unsubstantiated nature of prosecutors' claims," a Terra spokesperson told Cointelegraph.
South Korean authorities arrested Terraform Labs business chief Yoo Mo in October, but Judge Hong dismissed the order similarly within 48 hours, saying it was difficult to see the "necessity and significance" of the arrest. In contrast, Kwon continued to be targeted by lawmakers and regulators, as his name was added to Interpol's red notice list and no longer have a valid South Korean passport for international travel.
Related: South Korean prosecutors accuse Do Kwon of manipulating Terra's price
kwon has was still active on social media following Terra's collapse despite many cryptocurrency users blaming him squarely for the loss of funds and the events surrounding the current bear market. In September, the Terra co-founder said he "made no effort to hide" from authorities. Subsequently spoke to the infamous hedge fund manager and Chief Pharmacist Martin Shkreli on a Twitch podcast about FTX and prison life.
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