Crypto Currency Tracker logo Crypto Currency Tracker logo
Cryptoknowmics 2022-10-06 13:28:40

Terra Executive, Yoo Mo, Arrested By South Korean Authorities

According to reports, South Korean police have apprehended the first suspect, Yoo Mo, in the collapse of the Terra blockchain ecosystem after months of inquiry without a single arrest and the principal offender taunting the enforcers on Twitter while on the run. On Wednesday, Yoo Mo was the subject of a bench warrant issued by South Korean officials. Yoo Mo is Do Kwon’s primary assistant at Terraform Labs. Terra Executive Arrested Yoo Mo got accused of breaking several laws, including the Capital Markets Act, fraud, and duty violations. District attorney Choi Sung-kook acknowledged the arrest but did not say where or when it occurred. Yoo’s arrest order was issued in September. The executive is considered a member of Terra’s founders Do Kwon’s inner circle. On September 26, Interpol issued a Red Notice, asking law enforcement agencies worldwide to find and temporarily detain Do Kwon pending extradition, surrender, or comparable legal action. In the meantime, a spokeswoman for Terraform Labs stated that the case in South Korea against the company’s top executives had turned political and that the prosecution had broadened the scope of security in response to public pressure. The Terra ecosystem collapsed in May 2022 and lost $40 billion. Kwon to Surrender Passport According to the most recent sources, Kwon has been given 14 days by the South Korean government to present his passport. His passport would be “administratively inva...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.