Terra: South Korean prosecutors accuse Do Kwon of manipulating LUNA’s market price

The report also states that South Korean prosecutors believe Kwon is hiding in Europe.

A local report claims that South Korean prosecutors have evidence that Do Kwon ordered an associate to manipulate the price of LUNA.

In an article published by local newspaper KBS News claims that the co-creator of the Terra blockchain project, Do Kwon, is currently in Europe. The news was discovered by the Terra whistleblower known as Fatman, an individual who has published damning allegations against Kwon and Terraform Labs associates in recent months.

Korean prosecutors have obtained a private conversation between Do Kwon and an employee where he gives orders to manipulate LUNA’s market price. They have also confirmed that he is currently residing in Europe as an illegal immigrant. https://t.co/z7Z5R8rtEq

– FatMan (@FatManTerra) November 3, 2022

“Korean prosecutors obtained a private conversation between Do Kwon and an employee, in which he gives orders to manipulate the market price of LUNA“, said Fatman. wrote On Twitter on November 3, 2022. “They also confirmed that he is currently residing in Europe as an illegal immigrant.“

Fatman further shared the KBS News article, which summarizes the same news that the whistleblower described in the tweet. Speaking to KBS News reporter Lee Do-Yoon, the South Korean prosecutor’s office official said:

I can’t reveal the details, but it was a conversation history where CEO Kwon specifically ordered the price manipulation.

One report states that “Do Kwon is now an illegal immigrant“

This news follows the announcement that $40 million in crypto assets were frozen by South Korean authorities. These assets are said to come from the crypto-currency exchanges Kucoin and Okex. Kwon, however, denied that the seizure involved his funds and he stated that that he did not use these trading platforms. Kwon repeatedly said said to to the public that he “makes no effort to hide”.

Strangely, these last few weeks have been one of the most creative periods of my life. https://t.co/iE6DuwceVF

– Do Kwon 🌕 (@stablekwon) November 3, 2022

Kwon also tweeted on November 3, 2022, when he said “Strangely enough, the last few weeks have been one of the most creative periods of my life.“The KBS News article written by Lee Do-Yoon indicates that Kwon may have been hiding in Dubai, but the reporter also adds that he is residing in the area illegally.

“Do Kwon is now an illegal immigrant, wherever he is, in any country, and he cannot travel legally between countries“, explains a translation of the KBS News editorial written by Lee Do-Yoon.

In addition to the KBS News report, which states that South Korean prosecutors have evidence against Kwon, the Terra co-founder and his associates, such as members of the Luna Foundation Guard (LFG) and Nikolaos Alexandros Platias, have been named in a class action report.

The lawsuit originated in Singapore and the plaintiffs are seeking $57 million in damages. The lawsuit is from 359 multinational investors who claim to have suffered financial harm from the collapse of Terra’s crypto ecosystem.

The class action lawsuit against Kwon and his associates is led by Australia-based Julian Moreno Beltran and Singapore resident Douglas Gan. In other news, crypto-currency project Capapult Finance recently revealed the idea of creating a “soft-pegged stablecoin” built on the Terra blockchain.