'Arrest of Kwon Do-hyung's Key Associate in the Terra·Luna Incident, Prosecution Requests Detention Warrant'

One of the Individuals with Arrest Warrants Issued for Market Manipulation Using 'Bots'

[Asia Economy Reporter Yoo Byung-don] The prosecution investigating the Luna and Terra crash incident has confirmed that it arrested a Terraform Labs employee, known as a close aide to CEO Kwon Do-hyung, in South Korea and requested an arrest warrant.

On the 6th, the Financial and Securities Crime Joint Investigation Team (Head Dan Sung-han) of the Seoul Southern District Prosecutors' Office announced that it had requested an arrest warrant for Yoo, the head of Terraform Labs' General Affairs Team, on charges including violation of the Capital Markets Act, fraud, and breach of trust.

The prosecution believes Yoo used so-called 'bot' programs to create the illusion of active coin trading, inflating prices and manipulating market prices.

Yoo is one of the main fugitives the prosecution has been tracking and is known as a key aide to Terraform Labs CEO Kwon Do-hyung, who is currently abroad. Yoo was also included in the arrest warrant issued on the 13th of last month for CEO Kwon and five others.

This is the first time the prosecution has requested an arrest warrant for a key figure since launching the investigation into the Terra and Luna cryptocurrencies.

The Seoul Southern District Court conducted a pre-arrest detention hearing (warrant substantive examination) for Yoo at 10:30 a.m. on the 6th, and the decision on detention is expected to be made as early as that afternoon.

This content was produced with the assistance of AI translation services.