BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Media

Judge Dismisses Arrest Warrant for Terra’s Head of General Affairs Yu

BlockNews Team by BlockNews Team
October 6, 2022
in Media, Politics, Social
Reading Time: 3 mins read
A A
Terra-Logo
1
SHARES
12
VIEWS
Share on TwitterShare on Reddit

A South Korean judge on Thursday canceled the arrest warrant for a Terraform Labs executive. Earlier Thursday, it was reported the Seoul Southern District Prosecutors’ Office arrested a suspect with the surname of Yu; Yu was Terra’s head of general affairs at Terraform Labs. That provisional arrest was the prosecutors’ first in the Terra case, but it may now fall through: In South Korea, a warrant needs to be granted within 48 hours of the arrest, or the person must be released. The warrant judge rejected the prosecution’s request, saying, “It is difficult to see the necessity and significance of arrest.”

You might also like

Around The Block – MAR 24 Week in News

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

UK to Mandate Declaration of Crypto Holdings in Tax Forms

This arrest happened right after South Korea invalidated the passport of Terra co-founder Do Kwon earlier. The South Korean government has given Kwon 14 days to comply with the new order, it said in a notice on the website Thursday. The invalidation of a passport would mean Kwon could no longer leave South Korea. If he is not currently in South Korea, he would likely find it difficult to travel elsewhere.

 The order follows Interpol issuing a red notice against the crypto entrepreneur last month, requesting law enforcement agencies worldwide to locate and arrest him. The spokesman who wrote to the Wall Street Journal declined to identify Kwon’s location, citing “ongoing physical security risks to him and his family” and noting attempts to break into his residences in South Korea and Singapore. 

Kwon has maintained his innocence and has denied reports that authorities have frozen 56.2 billion won ($39.6 million) of his cryptocurrency assets. Kwon reportedly has said that the fund’s South Korean Authorities have frozen are not his. “Have no time to trade. No funds have been frozen,” he said. “I don’t know whose funds they’ve frozen, but good for them, hope they use it for good,” Kwon added. 

Kwon’s current whereabouts are unknown, but he keeps his followers updated with his life through Twitter. Kwon has previously said that he is not trying to hide from the authority and is not on the run. The South Korean authorities have said. Otherwise, he is not cooperating with the investigation and is on the run. 

The Terra Incident 

Terra Co-Founder Do Kwon is a Korean American entrepreneur who has been involved in blockchain technology since 2013. He is the founder of Terra Tech. The Terra ecosystem imploded earlier in the year, leading to a subsequent market crash and a wave of related bankruptcies.

 The collapse of Terra cryptocurrency (Luna) and the so-called stablecoin TerraUSD (UST) in May wiped out investors’ $40 billion, prompting an uproar that caused the prosecutors to launch investigations into Kwon and his colleagues. The collapse led to a worldwide debate on cryptocurrency regulation and stablecoins. Recently, South Korean authorities have issued arrest warrants for Terra co-founder Do Kwon and his inner circle on multiple charges. 

Conclusion 

Judge dismisses arrest warrant for Yu, an inner circle member of the Terra. The investigation is still ongoing, and Do Kwon, the co-founder, whereabouts are still unknown.  

Tags: MediaPoliticsterra
TweetShareShare

Recommended For You

Around The Block – MAR 24 Week in News

by BlockNews Team
March 24, 2023
0
Around the Block

Introduction In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of March 20th....

Read more

Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption

by BlockNews Team
March 24, 2023
0
quicknode

QuickNode is leading the charge as Web3 is poised to revolutionize the world, but it needs its "WordPress moment" to accelerate positive disruption. Blockchain technology can upend manual-intensive...

Read more

UK to Mandate Declaration of Crypto Holdings in Tax Forms

by BlockNews Team
March 24, 2023
0
parliment

The government hopes to close regulatory gaps and stop illegal operations by enacting rules that address various parts of the industry. The requirement to disclose cryptocurrency holdings in...

Read more

The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

by BlockNews Team
March 24, 2023
0
The Fed Increases Interest Rates By 25 Basis Points- Impact On Crypto Prices

Crypto prices display rapid fluctuations as the U.S. Federal Reserve hikes interest rates by 0.25%. Investors remain upbeat about the medium-term outlook of Bitcoin and the wider crypto...

Read more

Telegram Enables USDT Stablecoin Payments on the Tron Network

by BlockNews Team
March 24, 2023
0
Telegram

Telegram integrates USDT-TRON (TRC20) into its platform, allowing users to send the stablecoin to their contacts seamlessly and without transaction fees. Telegram's venture into cryptocurrencies began with the...

Read more
Next Post
OKX-Webpage

Russia Blocks Access To Crypto Exchange OKX

Related News

alameda research

Alameda Sues Grayscale in a Bid to Gain Access Share of $9 Billion in Locked Assets

March 8, 2023
affirm

Payments Provider, Affirm, Announces Shut Down Of Its “Affirm Crypto Program” After 19% Staff Cut

February 10, 2023
Magic Eden Overtakes OpenSea in Trading Volume

Magic Eden Overtakes OpenSea in Trading Volume

June 9, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Around The Block – MAR 24 Week in News March 24, 2023
  • Web3 Needs its ‘WordPress Moment’ to Speed up Positive Disruption March 24, 2023
  • UK to Mandate Declaration of Crypto Holdings in Tax Forms March 24, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?