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Judge Dismisses Arrest Warrant for Terra's Head of General Affairs Yu: Report
The arrest comes after the country invalidated Terra co-founder Do Kwon's passport.
A South Korean judge on Thursday canceled the arrest warrant for a Terraform Labs executive, according to Yonhap News, complicating authorities’ crackdown on the company that spawned the failed Terra stablecoin ecosystem.
Earlier Thursday, CNBC reported the Seoul Southern District Prosecutors' Office arrested a suspect with the surname Yu; Yu was Terra's head of general affairs at Terraform Labs. That provisional arrest was 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.
STORY CONTINUES BELOW
The judge overseeing the warrant rejected the prosecution’s request, saying, “It is difficult to see the necessity and significance of arrest," according to Yonhap News.
The news comes after South Korea invalidated the passport of Terra co-founder Do Kwon earlier. Kwon has maintained his innocence and has denied reports that authorities have frozen 56.2 billion won ($39.6 million) of his cryptocurrency assets.
The Terra ecosystem imploded earlier in the year, leading to a subsequent market crash and a wave of related bankruptcies. 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.
Seoul Southern District prosecutors' office did not immediately respond to CoinDesk's request for comment.
Read more: Terra Founder Do Kwon's Passport 'Invalidated,' S. Korea Says
UPDATE (Oct. 6, 14:08 UTC): Adds additional information on Kwon in the fourth paragraph.
UPDATE (Oct. 6, 16:10 UTC): Adds information on the dismissed warrant.
Parikshit Mishra
Parikshit Mishra is CoinDesk's Regional Head of Asia, managing the editorial team in the region. Before joining CoinDesk, he was the EMEA Editor at Acuris (Mergermarket), where he dealt with copies related to private equity and the startup ecosystem. He has also worked as an Senior Analyst for CRISIL, covering the European markets and global economies. His most notable tenure was with Reuters, where he worked as a correspondent and an editor for various teams. He does not have any crypto holdings.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
Xinyi Luo
Xinyi Luo, a financial reporter with a background in broadcast journalism, joined CoinDesk Layer 2's team as a features and opinion intern in June 2022. She is a graduate of Missouri School of Journalism. You can connect with her on Twitter @luo_trista. She does not currently hold any cryptocurrencies.
