South Korean Government Accuse Do Kwon of Manipulating LUNA's Price

Prosecutors in South Korea claim to have more evidence of Do Kwon, Terra’s co-founder, manipulating token prices. According to the local KBS newspaper, Kwon once instructed a worker to tamper with LUNA’s price in the months preceding the project’s failure.

According to the authorities, the evidence came from a “messenger chat” between Kwon and an ex-Terraform Labs employee. However, the facts of the duo’s conversation were not made public due to current court restrictions.

“I can’t go into specifics, but it was a chat history where CEO Kwon directly ordered pricing manipulation,” a South Korean prosecutor’s official stated.

With the help of new evidence, the case against Do Kwon and Terraform Labs for violating South Korean capital market laws could be vigorously pursued.

Law enforcement agencies have previously conducted several sting operations against Kwon’s associates, the most notable of which was a home raid on Terraform Labs co-founder Daniel Shin.

Following the collapse of Terra in May, the offices of companies offering services for digital assets like Bithumb, Upbit, and Korbit were also looked into by the Joint Financial and Securities Crime Investigation Team of the Seoul Southern District Prosecutor’s Office.

Despite the firm’s escalating legal action, Do Kwon’s lawyers continue to defend his innocence, vehemently disputing the allegations against him. They claim that Kwon and Terraform Labs violated no existing capital laws in the country.

In Kwon’s defence, his attorney believes that prosecutors expanded the definition of a precaution in a desperate attempt to secure a conviction. Since the start of criminal proceedings against Do Kwon, the troubled entrepreneur has refused to accept the invitation of prosecutors.

Even though the South Korean government has revoked his passport and issued an arrest warrant, Kwon insists that he is “not on the run.” Interpol issued a red alert to member countries, sparking a worldwide manhunt for Kwon.

According to KBS, Kwon may be hiding out as a fugitive in Europe now that his passport has been revoked. The article read, “Do Kwon is now an illegal immigrant, wherever he is, in any country, and he cannot legally travel between countries.”

Despite the intense search for Do Kwon, he has remained active on his verified Twitter account, tweeting on November 3rd, 2022, and on November 8th, commenting on Binance’s proposed acquisition of FTX.

Strangely, these last few weeks have been one of the most creative periods of my life. https://t.co/iE6DuwceVF

— Do Kwon 🌕 (@stablekwon) November 3, 2022