- Prosecutors in Korea allege that Do Kwon and one of his employees manipulated the price of LUNA.
- South Korean authorities believe he is currently hiding out in Europe.
- On September 25th, Interpol issued a red notice for his arrest.
LUNA (Terra’s native cryptocurrency token) has allegedly had its price manipulated by Do Kwon and an employee, according to reports from South Korean prosecutors. The local newspaper reports that the South Korean authorities believe he is currently living in Europe. So, where is Do Kwon?
Whistleblower information for Kwon and Terraform Labs:
Prosecutors have pointed to text messages between Kwon and his worker as proof.
This is according to the South Korean prosecutor’s office:
I can’t reveal the details, but it was a conversation history where CEO Kwon specifically ordered the price manipulation.
Kwon’s lawyer has been denying the allegations since they first surfaced. Ahead of time, Kwon was quoted in an interview as saying:
We tended to emphasize only the good things about Terra, but I think all of Terra’s core strengths were true.
Kwon and his representatives have also previously denied allegations that they violated South Korean laws governing the country’s capital markets.
Where is Do Kwon?
Kwon reportedly moved from South Korea to Singapore before moving to Dubai. Kwon allegedly has no passport and has been in Europe since November 3. The Singapore High Court has filed a $57 million case against Kwon, Terra co-founder Nicholas Platias, and the Luna Foundation Guard, so if he is found, he will have to deal with that, too (LFG).
The lawsuit claimed that Kwon, Platias, and the LFG lied when they said Terra’s stablecoin, TerraUSD (UST), would remain pegged to the US dollar and that it was “stable by design.” This coin is now known as TerraUSD Classic (USTC).
On September 25, Interpol issued a red notice for Kwon’s arrest, making him a wanted man in most countries.
Source: Coin Edition
Disclaimer: This isn’t financial advice; it’s just for education. Crypted Crypto can’t guarantee its accuracy. Every investment and trade carries some risk, so always do your own research. Invest only what you can afford to lose.
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