According to Yonhap, a South Korean District Court dismissed the arrest warrant issued against Terraform Labs’ Head of General Affairs Yoo Mo, as reported by Cryptoslate.
Yoo Mo, Do Kwon’s helper, was reportedly arrested in the early hours of October 6 after an arrest order was filed on October 5. Mo was charged with breaking the Capital Market Act and deploying bots to manipulate the prices of the LUNA cryptocurrency, Cryptoslate noted.
Cryptoslate further informed that Mo may not have violated the Capital Market Act, according to Judge Jin-pyo, because LUNA is not classified as a security under South Korean law. “There seems to be room for legal dispute over whether the LUNA coin is an investment contract security under the Capital market Act.”
Judge Jin-pyo moved to remove the arrest warrant against Do Kwon after questioning his aide, stating that “it is difficult to comprehend the necessity and relevance of the arrest.”
(With insights from Cryptoslate)
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