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Terraform Labs Business Head Arrested by Seoul Crime Unit

2y ago
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bearish:

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South_Korea_arrests_Terra's_Head_of_General_Affairs_for_fraud_and
  • South Korean authorities arrest Terraform labs employee Yoo Mo.
  • Yoo Mo is the head of the business team and head of general affairs of Terraform Labs.
  • This is the first arrest by the authorities related to the Terra-LUNA lawsuit against Do Kwon.

Seoul’s Southern District Prosecutor’s Office’s crime unit arrests Terraform Lab’s head of business and general affairs, Yoo Mo. The reports were released by a South Korean publication, Naver.

The incident marks the first arrest of a Terra employee in an ongoing Terra-LUNA investigation. On Wednesday, the person was the subject of a bench warrant issued by South Korean officials. Yoo is regarded as Do Kwon’s top assistant at Terraform Labs.

The authorities charged Yoo with accusations of violating the Capital Market Act, breach of trust, and fraud. The prosecutors allege that Yoo has been doing market making by deceiving coin transactions using bots. The arrest was also confirmed by the district prosecutor, Choi Sung-kook.

However, the exact location and date of the arrest were not disclosed by Sung-kook. It looks like the authorities are closing in on Do Kwon by arresting his closest accomplices. The authorities are trying to get their hands on Do Kwon. However, his whereabouts are currently unknown.

But Do Kwon has taken to his Twitter to address that he is not on the run and he is always compliant with the authorities. In one of the latest updates, the South Korean government has given Do Kwon 14 days to return his passport. The report also states that if Do Kwon fails to do so, the passport will be invalidated.

Do Kwon has been experiencing several problems ever since the fall of the Terra-LUNA incident. The catastrophic fall of the Terra ecosystem in May wiped out billions from the crypto market and investor savings.

The post Terraform Labs Business Head Arrested by Seoul Crime Unit appeared first on Coin Edition.

2y ago
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0

bearish:

0

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