Terra Executive, Yoo Mo, Arrested By South Korean Authorities
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Terra Executive Arrested
Yoo Mo got accused of breaking several laws, including the Capital Markets Act, fraud, and duty violations. District attorney Choi Sung-kook acknowledged the arrest but did not say where or when it occurred.
Yoo's arrest order was issued in September. The executive is considered a member of Terra's founders Do Kwon's inner circle. On September 26, Interpol issued a Red Notice, asking law enforcement agencies worldwide to find and temporarily detain Do Kwon pending extradition, surrender, or comparable legal action. In the meantime, a spokeswoman for Terraform Labs stated that the case in South Korea against the company's top executives had turned political and that the prosecution had broadened the scope of security in response to public pressure. The Terra ecosystem collapsed in May 2022 and lost $40 billion.
Kwon to Surrender Passport
According to the most recent sources, Kwon has been given 14 days by the South Korean government to present his passport. His passport would be "administratively invalidated" if he failed. Interpol and the South Korean government are looking for Do Kwon. The police might eliminate Kwon's inner circle before confronting him. Though no confirmation was available, rumors indicated that he lived in Singapore. However, Kwon asserted that he was not trying to escape.