Yoo (full name withheld), the head of general affairs at Terraform Labs Pte. Ltd. and close associate of unlocated chief executive officer (CEO) Kwon Do-hyung, or Do Kwon, has been released from custody since being arrested on Thursday as part of an ongoing investigation into Terra-LUNA. Yoo is not contesting his alleged links to price manipulation using bot programming, according to local reports.
See related article: South Korea was first arrested in the Terra-LUNA investigation
Fast facts
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Hong Jin-pyo, the presiding judge of warrants at the Seoul Southern District Court, ruled that there was no significant need to keep Yoo in custody, according to local media reports.
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The judge considered the scope and degree of Yoo’s involvement as an accomplice and the fact that Yoo did not contest the allegation that he managed a bot program used to manipulate Terra-LUNA’s market prices.
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The fact that Yoo voluntarily returned to South Korea after an arrest warrant was issued to him on September 14 and is currently banned from traveling abroad, was taken into account in the court’s decision.
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Meanwhile, Hong also admitted that Yoo’s alleged crime was “very serious because it caused a large amount of harm to many victims,” and that some of the allegations “seem to be proven,” according to Yonhap News.
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“[The prosecutors] issued a warrant based on the risk of [the suspect] escape and destruction of evidence, and we are considering reissuing the warrant,” said Choi Sung-kook, prosecutor at the Seoul Southern District Prosecutors’ Office. Forecast. The bench warrant against Yoo was issued on Thursday on charges of fraud, violation of the Capital Markets Act and breach of duty among others.
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A bench warrant, or 구속영장 in Korean, asks law enforcement to take an individual into custody because the judge believes they have shown contempt of court, according to law firm Alband, Lane & Balderrama.
See related article: Terra CEO Do Kwon to lose his passport within a month