Yoo Mo, Terra’s Head of General Affairs, has been detained by South Korean authorities, according to sources. The arrest is the first in the ongoing Terra probe. On Wednesday, South Korean officials obtained a bench warrant against the man. Yoo is regarded as a crucial aide to Terraform Labs CEO Do Kwon.
The Southern District Prosecutors’ Office in Seoul filed a bench warrant for Yoo, Terra’s chief of general affairs, on allegations of breaching the capital markets act, fraud, and breach of duty, among other things. District prosecutor Choi Sung-kook confirmed the arrest while declining to reveal the location and time of the arrest.
On Thursday morning in Korea, the Seoul Southern District Court was working on issuing a “direct judgment of warrant” on Yoo in order to make a final decision on whether or not to grant the bench warrant. The decision will be made within the next day.
On September 14, along with Kwon, co-founder, and CEO of Terraform Labs, local authorities obtained an arrest warrant for Yoo. Prosecutors further say that Yoo used bot programming to artificially inflate and control the price of Terra’s Bitcoin market. Yoo is reportedly part of Kwon’s close inner circle at Terra.
South Korea has revoked Terra CEO Kwon’s passport and asked Interpol to issue a “red notice” in addition to the arrest warrant in order to investigate the May crash of Terra’s algorithmic stablecoin and sibling cryptocurrency.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Robinhood Exec Dan Gallagher declined consideration to lead the SEC, affirming his commitment to Robinhood…
Discover why Qubetics, Fantom, and Immutable X are the best cryptos to buy in November…
Sui Foundation partners with Franklin Templeton Digital Assets to enhance DeFi solutions on the blockchain.
See how Bitcoin confronts $99K resistance, Avalanche enjoys a 23% rise, & BDAG achieves a…
Gros Islet, St. Lucia, 22nd November 2024, Chainwire
Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…
This website uses cookies.