Breaking: South Korean Authorities Arrest Terra Executive

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Terra LUNC Community Approves New Measure to Reduce Tax Burn
Terra LUNC Community Approves New Measure to Reduce Tax Burn

According to reports, Yoo Mo, Terra’s Head of General Affairs, has been arrested by South Korean authorities. The arrest is the first in the ongoing Terra investigation. On Wednesday, South Korean authorities issued a bench warrant against the individual. Yoo is regarded as a key aide to Terraform Labs CEO Do Kwon.

Related: Do Kwon, Terra Co-founder, Denies New Reports of $39.6M Frozen Funds

Yoo is charged with capital markets act violations, fraud, breach of duty, and other offences. Choi Sung-kook, the district prosecutor, confirmed the arrest but declined to reveal the location or time of the arrest.

The Seoul Southern District Court was preparing to issue a “direct judgment of warrant” on Yoo on Thursday morning in order to make a final decision on whether or not to grant the bench warrant. Later today, the decision will be made public.

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

Related also: Alex Forshaw Submits to Terra Rebel  As They Insist No One Is In Charge Of Terra Classic Codes

Terra Boss, Do Kwon Almost Hunted Down?

According to the most recent reports, the South Korean government has given Kwon 14 days to turn in his passport. His passport will be “administratively invalidated” if he fails.

Kwon is being pursued not only by South Korean authorities but also by Interpol. It’s possible that the authorities are going after Kwon’s inner circle first. Kwon, on the other hand, has stated that he is not on the run. There were rumours that he was living in Singapore, but there has been no official confirmation of that.

The arrest news appears to have affected the Terra projects. LUNC (Luna Classic) traded at $0.00029727 at press time, down 3.5% in the previous 24 hours. On the other hand, LUNA was trading at $2.53, down 1.8% in the previous 24 hours.