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Terra’s General Head of Affairs Yoo Mo arrested by South Korean prosecutors

Terra’s General Head of Affairs Yoo Mo arrested by South Korean prosecutors

Terra’s General Head of Affairs Yoo Mo arrested by South Korean prosecutors
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By Sangam Singh  Oct 6, 2022 2:36 PM IST (Updated)

While declining to reveal the location and time of the arrest, District prosecutor Choi Sung-kook did confirm the arrest.

Yoo Mo, Terra’s Head of General Affairs has been arrested by South Korean Authorities for manipulating and inflating the token price using bots, reports said. This is the first arrest in the ongoing Terra investigation that comes after authorities issued a bench warrant on Wednesday.

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Yoo is charged with violating the capital markets act, fraud among others. Prosecutors had issued an arrest order for Yoo and his associate Do Kwon, co-founder and CEO of Terraform Labs. Yoo is considered to be a key aide to Kwon.
While declining to reveal the location and time of the arrest, District prosecutor Choi Sung-kook did confirm the arrest.
Earlier, the South Korean Ministry of Foreign Affairs posted a public notice announcing to invalidate Do Kwon's passport.
Many South Korea-based crypto investors have filed criminal complaints against Kwon and his Terraform co-founder Daniel Shin following the crash of  TerraUSD (UST), a stablecoin pegged to the US dollar.
Along with South Korean authorities, Kwon is being hunted by Interpol as well.
More details are awaited.
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