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On Thursday, November 3, 2022, local reports from South Korea revealed that Korean prosecutors have allegedly discovered evidence showing that Do Kwon and an associate manipulated the price of LUNA, Terra’s original crypto token. The report further states that South Korean prosecutors believe Kwon is hiding in Europe.
A report published by the local KBS News claims that the co-creator of the Terra blockchain project, Do Kwon, is located in Europe. The news was discovered by the Terra whistleblower known as Fatman, an individual who has published damning accusations against Kwon and Terraform Labs’ associates over the past few months.
“Korean prosecutors have obtained a private conversation between Do Kwon and an employee in which he gives orders to manipulate LUNA’s market price,” Fatman wrote on Twitter on November 3, 2022. “They have also confirmed that he is currently residing in Europe as an illegal immigrant.”
Fatman went on to share the KBS News article, which summarized the same news 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 there was a conversation story where CEO Kwon specifically ordered price manipulation.
The news follows a reported $40 million in crypto assets reportedly frozen by South Korean authorities. The assets reportedly originate from crypto exchanges Kucoin and Okex. However, Kwon denied that the seizure was his funds and he so that he did not use these trading platforms. Kwon has repeatedly told the public he “makes zero effort to hide”.
Kwon also tweeted on November 3, 2022, when he so “Strangely enough, these past few weeks have been one of the most creative periods of my life.” The KBS News article written by Lee Do-Yoon states that Kwon may have been hiding in Dubai, but the reporter also added that he is staying in the region 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 Lee Do-Yoon’s KBS News editorial.
In addition to the report by KBS News, 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 are named in a class action lawsuit.
The lawsuit comes from Singapore and plaintiffs are attempting to sue for $57 million in damages. The lawsuit stems from 359 multinational investors who claim they suffered financial hardship from Terra’s crypto ecosystem collapse.
The class action against Kwon and his associates is being led by Australia-based Julian Moreno Beltran and Singapore resident Douglas Gan. Moreover, crypto project Capapult Finance recently revealed the idea of creating a “soft-pegged stablecoin” built on the Terra blockchain.
What do you think of the report that claims Terra co-founder Do Kwon manipulated LUNA’s market price? Let us know what you think about this topic in the comments section below.
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