South Korea makes first arrest in Terra case, JTBC reports

South Korea makes first arrest in Terra case, JTBC reports

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South Korea makes first arrest in Terra case, JTBC reports

The Block2 months ago
TerraTerra
Published on October 06, 2022 10:24 GMT+00:00edited on October 06, 2022 13:31 GMT+00:00

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The Seoul Southern District Prosecutors' Office has reportedly arrested Yu, head of general business operations at Terraform Labs, making its first arrest in an ongoing investigation.

The prosecutors' office has taken the action because it believes that Yu ran bots to wash trade crypto and manipulate prices, Korean media outlet JTBC reported the news exclusively on Thursday. The office has accused Yu of violating Korea's Capital Markets Act.

Yu is the person's second name; first name was not disclosed. In Korea, authorities don't often reveal the full names of detained people.

The prosecutors' office has reportedly also requested a bench warrant for Yu. Yu was said to be already on the list of the arrest warrants that were issued last month for Kwon and six of his colleagues.

A bench …