Sunday, November 27, 2022
HomeLaw & PoliticsSouth Korean Authorities Accuse Do Kwon Of Manipulating Terra's Pricing

South Korean Authorities Accuse Do Kwon Of Manipulating Terra’s Pricing

A local report from South Korea indicates that the country’s prosecutors have evidence to show that Do Kwon, the co-founder of Terraform Labs, once directed an employee to manipulate the price of Terra Luna Classic (LUNC). The report claims that the proof was gathered by the prosecutors in South Korea . 

An official from the South Korean Prosecutors Office was quoted in a report that was broadcast by the Korean Broadcasting System (KBS) on November 3. The official said that they had gotten a “conversation history” in which “CEO Kwon directly ordered price manipulation.”

The supposed proof was a “messenger conversation” between Kwon and a former employee of Terraform Labs.

Do Kwon Recent Tweet:

Despite the fact that the specifics of the price manipulation have not been made public, the price movement of Terra’s LUNC (now known as LUNA) during the most recent bull market was without question one of the most outstanding in the whole cryptocurrency market.

According to statistics provided by CoinGecko, its price increased by more than 2,800% from $4.18 on the last day of May 2021 to it’s all-time high of $119.18 on April 5, 2022, before it saw a precipitous decline on April 30.

However, the article makes note of the fact that Kwon’s agent has maintained his denial of these charges. Also, Kwon and his representatives have denied in the past that they broke the rules that govern South Korea’s financial markets.

In September, Terraform Labs said that the case against its co-founder has become “extremely politicised” and that prosecutors broadened the meaning of “security” in response to public pressure. Terraform Labs also said that the idea of security was being expanded for political reasons.

In the end, Kwon’s whereabouts continue to be a mystery, despite the fact that the co-founder of the Terra ecosystem has previously said that he is “not on the run.”

Earlier reports stated that Kwon travelled from South Korea to Singapore before moving to Dubai, United Arab Emirates (UAE). The most recent news from KBS indicates that Kwon is now staying somewhere in Europe and, as of November 3, does not have a valid passport.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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