According to Yonhap News, a South Korean judge on Thursday said that my crashed tour Terra (LUNA) cryptocurrency complicates the authorities’ moves on the failed company by revoking the arrest warrant for the Terraform Labs executive who founded its ecosystem.
Earlier on Thursday, CNBC reported that the Seoul Southern District Procuratorate’s Office had arrested a suspect named Yu; this person was Terra’s chief general officer at Terraform Labs.
Release of Recently Arrested Terra (LUNA) Administrator
Earlier on Thursday, CNBC reported that the Seoul Southern District Procuratorate’s Office had arrested a suspect named Yu; Yu was Terra’s chief general officer at Terraform Labs. This provisional arrest was the prosecutors’ first arrest in the Terra case, but now that arrest may be void.
In South Korea, an arrest warrant must be issued within 48 hours of the arrest or the person must be released.
According to Yonhap News, the judge who oversaw the arrest warrant denied the prosecution’s request, saying, “It is difficult to see the necessity and importance of the arrest.”
The news comes after South Korea recently revoked the passport of LUNA co-founder Do Kwon. Kwon pleaded not guilty and denied reports that authorities had frozen his cryptocurrency holdings worth 56.2 billion won ($39.6 million).
The Terra ecosystem collapsed earlier this year, which later led to the market crash and a related wave of bankruptcies. The crash sparked a worldwide debate on the regulation of cryptocurrencies and stablecoins.
Recently, South Korean authorities issued arrest warrants for Terra co-founder Do Kwon and his close circle on multiple charges.
*Not investment advice.
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