Report: South Korean Prosecutors Accuse Do Kwon of Manipulating LUNA's Market Price

Report: South Korean Prosecutors Accuse Do Kwon Of Manipulating The Market Price Of LUNA CryptoBlog

On Thursday, November 3, 2022, local reports from South Korea revealed that Korean prosecutors have uncovered evidence showing that Do Kwon and an associate manipulated the price of LUNA, Terra’s native crypto token. The report further states that South Korean prosecutors believe Kwon is hiding in Europe.

Local report claims South Korean prosecutors have proof Do Kwon ordered associate to manipulate LUNA price

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

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

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

I can’t reveal details, but it was a conversational story where CEO Kwon specifically ordered price manipulation.

Report Says “Do Kwon Is Now An Illegal Immigrant”

The news follows $40 million worth of crypto assets reportedly frozen by South Korean authorities. The assets are said to have derived from crypto exchanges Kucoin and Okex. Kwon, however, denied that the seizure was his funds and he said that he did not use these trading platforms. Kwon has repeatedly Told the public that he “makes no effort to hide”.

Kwon also tweeted on November 3, 2022, when he said “Strangely, the past few weeks have been one of the most creative times 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 added that he was residing in the area illegally.

“Do Kwon is now an illegal immigrant, wherever he is, in any country, and he cannot legally travel between countries,” says a translation of Lee Do-Yoon’s KBS News op-ed.

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

The lawsuit comes from Singapore and the plaintiffs are trying to claim $57 million in damages. The court case stems from 359 multinational investors who claim to have suffered financial hardship from the collapse of Terra’s crypto ecosystem.

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

Keywords in this story

$57 million, Capapult Finance, Class-Action, defendants, do kwon, Do Kwon Europe, Do Kwon Hiding, Do Kwon LUNA, Do Kwon Wanted, Douglas Gan, Fatman, Fatman Whistleblower, Investigation, investigators, Julian Moreno Beltran, KBS News, KBS News Reporting, Lee Do-Yoon, lfg, luna foundation guardian, manipulate LUNA, Nikolaos Alexandros Platias, plaintiffs, Singapore, South Korea, South Korean police, South Korean prosecutors, Terra collapse, whistleblower

What do you think of the report that claims Terra co-founder Do Kwon manipulated the market price of LUNA? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for News about disruptive protocols emerging today.

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