South Korean prosecutors accuse Do Kwon of manipulating Terra's price
A local report from South Korea claims that the country's prosecutors have obtained evidence to suggest Terraform Labs co-founder Do Kwon had onceordered an employee to manipulate the price of Terra Luna Classic (LUNC).
A report by Korean Broadcasting System (KBS) on Nov. 3 quotes an official from the South Korean Prosecutors Office, who said they have obtained a "conversation history" in which "CEO Kwon specifically ordered price manipulation."
The reported evidence came in the form of a "messenger conversation" between Kwon and a former Terraform Labs employee. Prosecutors did not disclose further details, noting:
While the exact details of the price manipulation remain undisclosed, the price action of Terra’s LUNC (formerly LUNA) during the last bull market was undoubtedly one of the most impressive across all cryptocurrencies.
Its price rose over 2,800% from $4.18 in late May 2021 to its all-time high of $119.18 on Apr. 5. 2022, before its cataclysmic fall on Apr. 30, according to CoinGecko data.
The report however notes that Kwon's representative has continued to deny these allegations.
Kwon and his representatives have also previously denied alleged violations of South Korea's capital markets laws.
In September, Terraform Labs said the case against its co-founder has become "highly politicized" and that prosecutors expanded the definition of a security in response to public pressure.
Kwon's whereabouts ultimately continue to remain a mystery, despite the Terra ecosystem co-founder previously arguing he is "not on the run."
Previous reports have suggested Kwon first moved from South Korea to Singapore, before transitioning to Dubai, United Arab Emirates (UAE). The KBS report now suggests Kwon is residing somewhere in
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