An area report from South Korea claims that the nation’s prosecutors have obtained proof to counsel Terraform Labs co-founder Do Kwon had onceordered an worker to govern the price of Terra Luna Classic (LUNC).
A report by Korean Broadcasting System (KBS) on Nov. 3 quotes an official from the South Korean Prosecutors Office, who mentioned they’ve obtained a “conversation history” during which “CEO Kwon specifically ordered price manipulation.”
The reported proof got here within the type of a “messenger conversation” between Kwon and a former Terraform Labs worker. Prosecutors didn’t disclose additional particulars, noting:Â
“I can’t reveal details, but it was a conversation history where CEO Kwon specifically ordered price manipulation.”
While the precise particulars of the price manipulation stay undisclosed, the price motion of Terra’s LUNC (previously LUNA) over the past bull market was undoubtedly one of probably the most spectacular throughout all cryptocurrencies.
Its price rose over 2,800% from $4.18 in late May 2021 to its all-time excessive of $119.18 on Apr. 5. 2022, earlier than its cataclysmic fall on Apr. 30, in keeping with CoinGecko knowledge.
The report nonetheless notes that Kwon’s consultant has continued to disclaim these allegations.
Kwon and his representatives have additionally beforehand denied alleged violations of South Korea’s capital markets legal guidelines.
In September, Terraform Labs mentioned the case towards its co-founder has turn into “highly politicized” and that prosecutors expanded the definition of a safety in response to public strain.
Kwon’s whereabouts now level to Europe
Kwon’s whereabouts in the end proceed to stay a thriller, regardless of the Terra ecosystem co-founder beforehand arguing he’s “not on the run.”Â
Previous studies have recommended Kwon first moved from South Korea to Singapore, earlier than transitioning to Dubai, United Arab Emirates (UAE). The KBS report now suggests Kwon is residing someplace in Europe, and as of Nov. 3, with out a legitimate passport.Â
“Kwon, who has an arrest warrant, had his passport invalidated as of today,” the report acknowledged, including:Â
“Do Kwon is now an illegal immigrant, wherever he is, in any country, and he cannot travel legally between countries.”
If discovered, Kwon can even should take care of a $57 million lawsuit lately filed towards him, his fellow Terra co-founder Nicholas Platias and the Luna Foundation Guard (LFG) within the Singapore High Court.
The plaintiff argued that Kwon, Platias and the LFG fraudulently claimed Terra’s stablecoin, Terra USD (UST) — now TerraUSD Classic (USTC) — was “stable by design” and capable of keep its peg to the U.S. greenback.
Related: 4,400 disgruntled traders are looking for Terra’s Do Kwon
The worldwide regulation enforcement effort to pinpoint the controversial CEO’s location hasn’t stopped Kwon from being lively on social media, with the latest Twitter submit from Kwon shared on Nov. 3.
Strangely, these previous few weeks have been one of probably the most artistic durations of my life. https://t.co/iE6DuwceVF
— Do Kwon (@stablekwon) November 3, 2022
Cointelegraph reached out to Terraform Labs and the South Korean Prosecutor’s Office for remark however didn’t obtain a right away response.Â