Terra’s Head of General Affairs, Yoo Mo, was arrested in South Korea on Thursday as part of a broader investigation into the cabal behind the LUNA and UST crash.
Mo stands accused of violating the Capital Markets Act, fraud, breach of duty, and inflating token prices using bots.
The arrest is part of a more extensive investigation into what happened when LUNA and UST melted down earlier this year.
Do Kwon is still on the run
Mo was a key aide of Do Kwon’s, and his arrest warrant was issued at the same time, on September 14.
The Terraform Labs (TFL) founder remains at large at the time of writing. Recently, he surfaced on Twitter to say he was not on the run, although he was unwilling to reveal his location.
I am not “on the run” or anything similar – for any government agency that has shown interest to communicate, we are in full cooperation and we don’t have anything to hide
— Do Kwon 🌕 (@stablekwon) September 17, 2022
Although the allegations remain unconfirmed, an independent report revealed that Kwon tried to cash out $67 million worth of Bitcoin after his arrest warrant was issued.
The crypto crime cartel is running scared
In recent months, we have witnessed a series of actions that prove the Crypto Crime Cartel is falling apart as the rats rush to flee the sinking ship.
Apart from the arrest warrants being issued internationally for Do Kwon and some of his associates, we’ve seen the abrupt resignation of several players associated with the Celsius Network, including its chief executive officer Alex Mashinsky. Several high-level BTC Core developers have also resigned amidst lawsuits by Bitcoin’s inventor Dr. Craig Wright to reclaim his intellectual property.
As regulators across the globe crack down on anonymous transactions, bring companies and individuals to justice for selling illegal securities, and enforce long-standing laws, it’s clear that the have-at-it era of the last few years is drawing to a close.
The inevitable arrest of Do Kwon, and potentially Alex Mashisnky, will send yet another clear signal to the industry that breaching the law will not be tolerated.
A new era for Bitcoin is coming
Far from being upset about this, Bitcoin proponents should be happy about it. Finally, the peer-to-peer electronic cash system Satoshi Nakamoto designed will have a chance to flourish in a regulated environment.
As the lawlessness of the last few years fades into memory, utility will take center stage. Bitcoin SV will rule the roost in this new era. With millions of daily transactions being processed for fractions of a cent, a growing number of useful apps are showcasing just what Bitcoin can do.
In a world without Alex Mashinsky, Do Kwon, and centralized BTC Core developers, Bitcoin will finally have a chance to flourish and reach its full potential. True Bitcoiners should hope that the hammer comes down on these scammers sooner rather than later.
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