Korean Prosecutors Claim To Have Proof Do Kwon Manipulated LUNA Prices

A recent report indicated that South Korean prosecutors have proof that Do Kwon actively manipulated the price of LUNA. Allegedly, this proof is in the form of texts between Kwon and an employee.

South Korea Has Proof That Do Kwon Was Manipulating Prices?

A report made by Lee Do-yoon, a South Korean journalist, states the prosecutors obtained evidence that Do Kwon manipulated the price of LUNA to help keep its USD peg. The prosecutors have been unwilling to share the details but explained that they got their hands on some texts between Kwon and a Terraform Labs employee proving his guilt. 

South Korean authorities issued an arrest warrant for Kwon in September following what appeared like a lull in the aftermath of the collapse. In early October, a report also came out indicating they froze around $40 million worth of crypto that belongs to Terraform’s founder. 

Kwon later came out and claimed these allegations aren’t true and that he doesn’t “get the motivation behind spreading this falsehood.” While the prosecutor’s succeeded in making the manhunt international by involving Interpol, their efforts haven’t been entirely without setbacks. Recently, a judge dismissed an arrest warrant issued after one of Kwon’s associates and doubted whether LUNA could really be classified as a security under South Korean law.

Join our Telegram group and never miss a breaking digital asset story.

Is Do Kwon an Illegal Immigrant in Europe?

While Do Kwon has been living in Singapore—where a $57 million lawsuit against him was recently uncovered—for a long time, the city-state announced he left the country shortly after the warrant was issued in September. Since then, there has been widespread speculation on Terraform CEO’s whereabouts though Kwon stated he is not “on the run.”

Recently, disgruntled retail investors believed they have discovered his location. Members of the UST Restitution Group not only believe he is currently residing in Dubai, but have set out to find them in the Emirates. South Korean authorities recently confirmed Kwon passed through Dubai, but believe he is no longer there.

The prosecutors didn’t share any details but stated that Do Kwon flew from the Emirates and into a country somewhere in Europe. They also pointed out that wherever Terraform’s CEO is, he is an illegal immigrant since South Korea recently rescinded his passport.

Do you think there is merit to the accusations against Kwon, or that he was right when stating in a recent interview that the manhunt is entirely politically-motivated? Let us know in the comments below.