Private Conversation Reveals Do Kwon’s Involvement in LUNA’s Price Manipulation

The Seoul Southern District Prosecutors’ Office has allegedly obtained private conversations revealing Do Kwon’s involvement in Terra (LUNA) price manipulation. 

According to the news report shared by Naver news, an anonymous officer from the South Korean Prosecutor’s Office has reportedly stated that authorities obtained a “conversation history,” which reveals that Do Kwon “specifically ordered price manipulation.”

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Defi 2.0? (Explained with Animations)

SUBSCRIBE

ON YOUTUBE

The officer revealed that the message “conversation history” was between Do Kwon and a former Terraform Labs employee. When commenting on the matter, a Prosecutor’s Office officer noted:

I can't reveal the details, but it was a conversation history where CEO Kwon specifically ordered price manipulation.

The hunt for Do Kwon started on September 14th, when South Korean authorities issued an arrest warrant for Do Kwon and five other associates for allegedly violating the country’s capital markets law. Afterward, on September 19th, the Seoul Southern District Prosecutors’ Office asked INTERPOL to place Do Kwon on the Red Notice list.

Following the news, Do Kwon tweeted that he is “making zero effort to hide” and is writing a code in his living room. However, until now, Do Kwon is not arrested.

According to various reports, Do Kwon initially moved from South Korea to Singapore before eventually fleeing to Dubai, United Arab Emirates (UAE). The newest report by Naver claims that Kwon is currently hiding somewhere in Europe.

Back in May, the whole Terraform Labs ecosystem went crashing after its algorithmic stablecoin TerraUSD (UST) lost its United States dollar peg and hit a price of $0,006. The same happened with another company’s asset, Terra (LUNA), when the coin’s price fell to $0.0000009 from an all-time high of $119.

At the end of September, Terraform Labs attempted to clear Do Kwon’s name by stating that the South Korean investigation is “highly politicized” and prosecutors are unfair and violate the basic rights of Do Kwon.