P

rosecutors in South Korea have made their first arrest in the investigation into the Terra-LUNA disaster, apprehending one Terraform Labs Pte. Ltd. employee in South Korea, against whom a bench warrant was issued.

The Seoul Southern District Prosecutors' Office released a bench warrant on Yoo, Terra's head of general affairs, on Wednesday, charging him with, among other things, infringing the capital markets act, fraud, and breach of duty, according to the district prosecutor Choi Sung-kook. His last name, Yoo, was the only thing revealed.

On Thursday morning in Korea, the Seoul Southern District Court issued a direct warrant judgment on Yoo to make an ultimate ruling regarding whether or not to authorize the bench warrant. The decision will be made public within the day. Choi refused to reveal the precise date and location of the arrest.

According to the prosecutors, Yoo was using bot coding to artificially boost and exploit the market price of the said cryptocurrency.

Yoo is among the affiliates for whom a warrant was issued by local prosecutors on September 14, along with cofounder and CEO Kwon Do-Hyung, or Do Kwon. Yoo is said to be a member of Kwon's close inner circle at Terra.

Meanwhile, South Korea has revoked CEO Kwon's passport and requested that Interpol issue a "red notice" in addition to the arrest warrant to investigate the crash of Terra's algorithmic stablecoin and sister cryptocurrency in May of this year.

What do you think of South Korea's first arrest in the Terra-Luna investigation? Let us know your thoughts by sharing this article on social media.

Posted 
Oct 6, 2022
 in 
Crypto News
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