South Korean Authorities Arrest Terra’s Head of General Affairs

$104M Worth Assets of Terra Co-Founder Confiscated by South Korea
  • Kwon has been given 14 days by the South Korean authorities to turn up his passport.
  • Both the South Korean government and Interpol are looking for Kwon.

Reportedly, Yoo Mo, Terra’s Head of General Affairs, has been detained by South Korean authorities. The first person to be apprehended in the ongoing Terra inquiry. On Wednesday, South Korean officials issued a bench warrant for the suspect’s arrest. Yoo is widely regarded as Do Kwon, the CEO of Terraform Labs most’s trusted advisor.

Multiple counts of capital markets act violations, fraud, breach of duty, and others have been filed against Yoo. Choi Sung-kook, the district prosecutor, acknowledged the arrest but withheld the time and place.

Is Do Kwon Next?

In order to reach a final decision on whether or not to grant the bench warrant, the Seoul Southern District Court was ready to issue a “direct judgement of warrant” on Yoo as of Thursday morning. In the afternoon, the decision will be announced.

On September 14, local authorities filed an arrest warrant for Yoo along with Terraform Labs co-founder and CEO Kwon. Prosecutors also assert that Yoo used bot programming to artificially inflate and manipulate the market price of Terra cryptocurrency.

The most recent information is that Kwon has been given 14 days by the South Korean authorities to turn up his passport. His passport will be “administratively invalidated” if he does not comply.

Both the South Korean government and Interpol are looking for Kwon. The authorities may be targeting Kwon’s closest associates before going after him directly. Kwon, though, insists that he wasn’t hiding out. His whereabouts were speculated to be in Singapore, although there has been no confirmation of this.

It seems that the Terra projects were affected by the announcement of the arrest. As of the time of publication, one LUNC token was trading at $0.00029727, down 3.5% in the past 24 hours. Meanwhile, LUNA was trading lower at $2.53, a decrease of 1.8% over the previous day.

Recommended For You:

Terra Classic (LUNC) Community Is Flooding Twitter Again

Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.