The first arrest in the ongoing investigation has reportedly been made
A Change in the wind
It seems Do Kwon may not be able to continue evading and mocking the authorities for much longer. The CEO of TerraForm labs has gone into hiding since the fall of Terra and Luna, which took many other companies with it.
Do Kwon has been replying to tweets and reports about him from an undisclosed location all while there is a red notice out for him by Interpol. Do Kwon continues to state that all allegations made against him and all news about any actions taken against him are false, while maintaining that he broke no laws and is cooperating.
The Seoul Southern Disctict Prosecutors Office has recently released that Yoo Mo, head of general business operations at Terraform Labs has been arrested.Yoo Mo is the “key aide” to Do Kwon reportedly. This arrest is the result of a bench warrant issued by prosecutors and is the first arrest in this ongoing investigation though the details of the arrest have not been made explicitly clear.
The charges placed against Yoo include violating the Capital Markets Act and fraud by manipulating the market price of TerraUSD, known also as UST, which was a stablecoin created by the company.
Yoo and Do
Yoo was one of the associates that was named within the arrest warrant issued by South Korean authorities last month, his name was right on the list with Do Kwon. Do Kwon continues to state that Terra was not a “fraud” and that he has lost all of his net worth as well.
Though Do Kwon has made these statements there is still the fact that Interpol has the red notice out for this arrest. A red notice is issued for fugitives and tasks law enforcement everywhere to participate in tracking down and arresting a person of interest. Currently Do Kwon is a person of much interest to South Korea and the crypto community as a whole.
The curtains may soon be falling on the embattled crytpo CEO as his passport has recently been invalidated by the South Korean Ministry of Foreign Affairs