Authorities in South Korea detain Terra Exec

Authorities-in-South-Korea-detain-Terra-Exec
  • Terra`s Yoo Mo has been detained by South Korean authorities.
  • The arrest order was issued on September 14th.
  • Not only the South Korean government but even Interpol are looking for Do Kwon.

Yoo Mo, the head of general affairs at Terra, has reportedly been detained by South Korean authorities. The continuing Terra probe now has its first arrest. 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

Along with Kwon Do-Hyung, or Do Kwon, the co-founder and CEO of Terraform Labs, local prosecutors issued an arrest order for Yoo on September 14. According to rumors, Yoo is Kwon’s inner circle member at Terra.

As part of its investigation into the fall of Terra’s algorithmic stablecoin and sibling cryptocurrency back in May of this year, South Korea has also invalidated Terra head Kwon’s passport and asked Interpol to issue a “red alert” with the arrest demand.

According to the most recent sources, Kwon has been given 14 days by the South Korean authorities to present his passport. His passport will be “administratively canceled” if he fails.

Not only the South Korean government but even Interpol are looking for Kwon. Before confronting Kwon, the authorities could be eliminating his close group. Kwon, though, has asserted that he was not running away. 

Although there were speculations that he was living in Singapore, this information is unconfirmed. 

The Terra projects do appear to have been impacted by the announcement of the arrest. At the time of publication, the price of LUNC (Luna Classic) dropped 4.07% on the previous day to $0.0002925 according to CoinMarketCap. LUNA, on the other hand, was down 5.7% during the last 24 hours, trading at $0.0002932.

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