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Parikshit Mishra
Parikshit Mishra is the news editor for CoinDesk during the mid Asia and early European hours. He does not have any crypto holdings.
South Korean authorities have made their first arrest in the Terra investigation, according to a CNBC report.
The Seoul Southern District Prosecutors’ Office confirmed to CNBC that it had arrested one of the people it was looking for surnamed Yu. Yu Mo was Terra's head of general affairs.
No arrest warrant has yet been issued, but South Korean authorities can make arrests on some grounds. However, a warrant needs to be granted within 48 hours of the arrest or the person must be let go.
The Terra ecosystem imploded earlier in the year, leading to a subsequent market crash and a wave of related bankruptcies. The collapse lead 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.
Seoul Southern District prosecutors' office office did not immediately respond to CoinDesk's request for comment.
