{"id":53423,"date":"2022-10-06T12:29:47","date_gmt":"2022-10-06T10:29:47","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=53423"},"modified":"2022-10-06T12:29:47","modified_gmt":"2022-10-06T10:29:47","slug":"south-korea-makes-first-arrest-in-terra-luna-investigation","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/south-korea-makes-first-arrest-in-terra-luna-investigation\/","title":{"rendered":"South Korea Makes First Arrest in Terra\/Luna Investigation"},"content":{"rendered":"

South Korean authorities make the first arrest in the ongoing Terra\/Luna<\/a> investigation capturing Terra\u2019s Head of General Affairs, Yoo Mo.<\/strong> <\/p>\n

This is the first arrest that comes after the Seoul Southern District Prosecutors\u2019 Office\u2019s Joint Investigation Team issued<\/a> an arrest warrant<\/strong> against Do Kwon along with five other Terra Labs’ employees on allegations that include violations of the nation\u2019s capital markets law. Soon after issuing the arrest warrant, South Korea\u2019s Ministry of Foreign Affairs also imposed administrative sanctions on Kwon’s passport and hand over the same to the authorities.\u00a0<\/strong><\/p>\n

The First Arrest in the Terra Frenzy<\/h2>\n

\"South<\/p>\n

According to a report<\/a> by local media house, Yoo who is considered to be a key aide to Kwon has finally been arrested with violating the capital markets act and fraud among others.<\/strong> This comes after the Seoul Southern District Prosecutors\u2019 Office issued a bench warrant against Yoo on Wednesday. District prosecutor Choi Sung-kook confirmed the arrest. However, he did not reveal the location and time of the arrest.<\/p>\n

As per the report, Yoo used bot programming to inflate and manipulate the market price<\/strong> of Terra\u2019s cryptocurrency. South Korean prosecuters have accussed Yoo of “Market Making”<\/strong>, deceiving investors of a hugh sum of money. As of Thursday morning, the Seoul Southern District Court was preparing to issue a \u201cdirect judgment of warrant\u201d<\/strong> on Yoo, in order to make a final determination over whether or not to grant the bench warrant. The decision will be made public later today.<\/p>\n

The arrest comes on the heels after the Prosecutors Office of South Korea\u00a0announced<\/a>\u00a0a crackdown against Kwon and sent legal notices to all of Terra\u2019s employees. The death spiral of LUNA and UST caused major losses for several investors, globally. Since the Terra\/Luna crisis, authorities in South Korea received several cases of scams and\u00a0running a Ponzi scheme against Terra.<\/strong><\/p>\n

A Rocky Sail for Terraform Labs’<\/h2>\n

\"South<\/p>\n

Reportedly, Kwon was also accused of cashing out millions of dollars just before LUNA\u2019s collapse. According to <\/span>reports,\u00a0<\/span>the SEC discovered an estimated $80 million was withdrawn from Terra\u2019s funds on a monthly basis<\/strong>. This amount was later, sent to multiple different wallet addresses under the notion of operating expenses. Interestingly, it was done just months before the collapse of Terra.<\/span><\/p>\n

Earlier this year, Terraform Lab\u2019s was also under investigation\u00a0by\u00a0South Korea\u2019s National Tax Service on charges of evading corporate and income taxes<\/strong>. The regulatory watchdog had reportedly slapped Terraform Labs and its co-founder a penalty of\u00a0100 billion Won<\/strong>\u00a0($78 million).<\/p>\n

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South Korean authorities make the first arrest in the ongoing Terra\/Luna investigation capturing Terra\u2019s Head of General Affairs, Yoo Mo.<\/p>\n","protected":false},"author":21,"featured_media":53447,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[84,74],"tags":[5553,4830,5547,5552],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/53423"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=53423"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/53423\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/53447"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=53423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=53423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=53423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}