South Korean prosecutors’ office looks to arrest Terra‘s head of general affairs after getting a bench warrant issued against him. Prosecutors earlier requested an arrest warrant against him on charges of violating the Capital Market Act, fraud, and market manipulation. The Seoul Southern District Court will decide on the arrest after examining the arrest warrant by today.
South Korean Prosecutors to Make First Arrest in the Terra-LUNA Crisis
South Korea’s Seoul Southern District Prosecutor’s Office seeks the first arrest in the Terra-LUNA crisis, reported local news Yonhap on October 6. The prosecutors’ office had earlier get issued arrest warrants against Terra’s six executives, including CEO Do Kwon and Terra’s head of general affairs.
Seoul Southern District Prosecutor’s Office now seeks a bench warrant against Terra’s head of general affairs. Prosecutors believe he ran bot programs to manipulate the prices of Terra tokens. He is a key aid to Terra’s CEO Do Kwon.
The Seoul Southern District Court conducted a substantive examination earlier arrest warrant for Terra’s head of general affairs. The court will decide on the bench warrant as early as today. This will mark the first arrest in the Terra-LUNA crisis case.
The Prosecutors’ Office and Interpol actively look for Do Kwon whereabouts as Singapore police earlier confirmed his absence in the country.
Meanwhile, South Korea’s Ministry of Foreign Affairs warned Do Kwon to handover his passport in 14 days, or otherwise, it will be revoked. The authorities also seek his return and face the charges over the $60 billion crash.
Terra Classic (LUNC) and Terra (LUNA) Price Dives Further
South Korean prosecutors escalating the probe surrounding Do Kwon and other Terra executives continue to impact LUNC and LUNA prices.
Terra Classic (LUNC) price jumped after Binance burned over 5.5 billion tokens on Monday. However, the price plunged over 3% to $0.00029 in the last 24 hours.
Also, the Terra (LUNA) has dived nearly 2%, with the price currently trading at $2.50.
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