South Korea Court Rejected The Request For An Arrest Warrant For A Terraform Labs Employee

Hours after allegations of the arrest surfaced, a South Korean court canceled an arrest warrant for a Terraform Labs employee.

The arrest of the individual, whose surname is Yoo, was previously reported by Korean media. Yoo is stated to be Terraform Labs’ general business operations director.

However, according to Yonhap News and SBS, a court has already rejected the arrest order, wondering whether detention was warranted.

According to the sources, the court also addressed the possibility that LUNA, the native token of the Terra blockchain ecosystem that plummeted in value earlier this year, may not meet the definition of security under Korean law.

According to Yonhap, Yoo was charged with breaking Korea’s Capital Markets Act by using automated trading tools or bots, as well as fraud and breach of trust.

The prosecutor’s office is considering whether to reapply for Yu’s arrest warrant.

Yoo is claimed to be a close friend of Terra’s inventor, Do Kwon. The South Korean Ministry of Foreign Affairs has ordered Kwon to return his local passport within 14 days. If the passport is not returned within that time frame, Kwon risks losing it or facing re-application rejection.

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