<strong>Terra Exec Arrested, Celsius Co-founder Resigns, BAYC Elects Council</strong>

Terra Exec Arrested

Yoo Mo, Terra’s Head of General Affairs, was arrested by South Korean Authorities. He is the first person to face arrest following the TerraForm Lab’s investigation. Mo's charges include violating the capital market act, fraud, and breach of duty, among other things. On September 14, along with Do Kwon, co-founder, and CEO of Terraform Labs, local authorities obtained an arrest warrant for Yoo.  

Yoo was a crucial aide to Terraform Labs CEO, Do Kwon. Furthermore, prosecutors further say that Yoo used bot programming to artificially inflate and control the price of Terra's cryptocurrency, Luuna. Choi Sung-kook, the district prosecutor, confirmed the arrest but declined to identify the location or time of the arrest.

The arrest announcement appears to have affected the Terra projects. LUNC (Luna Classic) is trading at $0.00029727 at press time, down 3.5% in the previous 24 hours. LUNA, on the other hand, is trading at $2.53, down 1.8% in 24 hours.

Celsius Co-founder Resigns

The co-founder and former Chief Strategy Officer of Celsius, Daniel Leon, has stepped down from the company. Leon's resignation follows that of Alex Mashinsky, CEO of the now-bankrupt Celsius Network, who announced his departure via an internal memo last week. 

“We confirm that Daniel Leon resigned from his position at Celsius and is no longer part of the organization,” the company said in a statement to Bloomberg News.

Leon resigned from his position at the failed crypto asset management platform and filed a motion declaring his share of Celsius stocks worthless as part of his case in the U.S. Bankruptcy Court. The auction of Celsius assets later this month will hopefully see clients recoup some of their lost funds. The Celsius saga will likely set a precedent for other cases involving failed platforms and their creditors.

BAYC Elects Council

Yuga Labs, the creators of Bored Ape Yacht Club, has created a community council composed of seven Bored Ape Yacht Club (BAYC) NFT holders. Yuga said the council will be autonomous and not governed by the multibillion-dollar startup. 

“To help the community grow and thrive, we’ve assembled a new community council made up of Apes with a proven track record of proactively and positively contributing to the club since the start. This council will represent the club at large and provide an avenue for new perspectives,” announced Yuga Labs in a blog.