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South Korea arrests first senior executive at Terra

 


After several months of investigations without a single arrest and with the alleged mastermind still on the run, South Korean police authorities have finally managed to arrest a first person in connection with the spectacularly failed blockchain project Terra.


As the South Korean media reported on October 6th, Yoo Mo, head of the business department of Terraform Labs, has now been arrested. The responsible public prosecutor, Choi Sung-kook, has now confirmed the arrest to Forkast.


Yesterday, October 5, the Seoul Public Prosecutor's Office issued an arrest warrant for Yoo, alleging that he violated the country's current capital markets law and committed fraud by participating in the price manipulation of the company's stablecoin TerraUSD (UST). The public prosecutor's office has not yet released any details about the arrest.


An arrest warrant was issued in September against Terra founder Do Kwon, to whose inner circle Yoo is said to belong . However, since he is still at large, Interpol issued a so-called "red alert" against Kwon on September 26 at the request of the South Korean authorities , which means that he is now being sought all over the world.


A spokesman for Terraform Labs, meanwhile, complained that the investigations in South Korea against the company's management had become a political issue , which is why the definitions of securities law were being expanded to give in to public pressure. The nearly $40 billion collapse of the Terra ecosystem in May 2022 led to a veritable domino effect in the crypto market, wiping out several trillions of dollars altogether.


So far, there is no concrete legal situation in South Korea for dealing with securities that are issued via a blockchain (such as cryptocurrencies), but the country is already working flat out to regulate the sector.

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