- Watcher guru’s Twitter post erupts confusion around the arrest of Yoo Mo.
- “Yoo Mo, Terra’s Head of General Affairs, is charged with violating the capital markets act,” says the Seoul district prosecutor.
- Do Kwon’s passport to be returned within 14 days; if not, it will be revoked.
A Twitter post published by Watcher.Guru, a crypto-related news website, caught the attention of the crypto community – FatMan in particular. The post mentioned that South Korea arrested Terra’s Head of General Affairs, Yoo Mo, for fraud and market manipulation.
However, confusion sparked when FatManTerra, a cryptocurrency & finance researcher, said that it was just a warrant and nobody was taken under custody. In addition, FatMan took to Twitter for an explicit explanation:
Mistranslation. Warrant for arrest issued, arrest pending; hasn't actually been arrested yet. (Source: checked with a Korean friend, Google (NASDAQ:GOOGL) Translate got it wrong here)— FatMan (@FatManTerra) October 6, 2022
Nevertheless, as per sources, Mo was arrested by the South Korean prosecutors following the Seoul Southern District Prosecutors’ Office issuing a bench warrant on Wednesday.
Mo, who is considered to be a key aide to Kwon, accepted the fact that he ran bots to give the impression that many coins were being traded, which as a result, inflated the price of the coins.
Consequently, Yoo is charged with violating the capital markets act, fraud, breach of duty, etc., as per district prosecutor Choi Sung-kook, who chose to remain silent about the time and location of the arrest.
Meanwhile, Kwon, who is wanted by not just the South Korean authorities but also by Interpol, is on the verge of having his passport revoked. As per the South Korean government, Kwon has been given 14 days to submit his passport to the authorities, which, if not adhered to, would result in the revocation of his travel document.
Nonetheless, in a landscape where the circumstances are not looking good for the CEO and the employees of the TerraFrom Lab, it does not seem to be affecting the Terra Projects.
At press time, LUNC (Luna Classic) was trading at $0.0002959, down 2.68% in the last 24 hours, with a 24-hour trading volume of $357,021,795. Luna, on the other hand, is trading at $2.50 with a 24-hour trading volume of USD 140,110,923.
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