A South Korean court has dismissed a request for an arrest warrant for Terraform Labs co-founder Shin Hyun-seung, also known as Daniel Shin, for the second time. The court did not consider Shin a flight risk or likely to tamper with evidence regarding the investigation into the collapse of the Terra-Luna cryptocurrency and stablecoin last year, which prosecutors accuse him of fraud in. Shin founded Terraform Labs with Kwon Do-hyung, who is currently under arrest in Montenegro on charges of using fake travel documents. South Korean prosecutors are attempting to extradite Kwon from Montenegro. Both Shin and Kwon are accused of fraud, breach of trust, and violation of the capital markets law following the collapse of Terra-Luna, valued at $40 billion at one point, which caused losses to hundreds of thousands of investors. Shin has denied the accusations, claiming he cut ties with Kwon and Terraform in 2020. (forkast)