In private messages, Do Kwon gave direct instructions to an employee to bring the value of the token into line with certain parameters

​Prosecutors accuse Terraform Labs CEO of manipulating LUNC’s price

04.11.2022 - 15:20


2 min

What’s new? South Korean media published a prosecutor’s report showing that Do Kwon, the head of Terraform Labs (TFL), instructed his employee to manipulate the price of the Terra (LUNA) token, which is called Terra Classic (LUNC) after the May 2022 hard fork. Private messenger exchanges are cited as evidence, Naver reports.

News on the Naver website

What other data has been released? According to the report, Do Kwon instructed one of his employees to artificially adjust the price of the asset so that it matched certain metrics. In addition, prosecutors allege that Do Kwon is currently in Europe and that his South Korean passport has been revoked.

In September, the South Korean prosecutor’s office issued an arrest warrant for the CEO of TFL, and Interpol put him onthe international wanted list. Later, about 4400 investors, who became victims of the Terra collapse of $40 billion began an independent search for Do Kwon. Depositors believe that he may be hiding in Dubai. Further searches will be conducted in Azerbaijan, Russia, Mauritius, or Seychelles.

Kwon has repeatedly claimed that law enforcers made no attempt to contact him and that he made no attempt to escape. After Terra collapsed, Kwon moved from South Korea to Singapore, but his whereabouts are currently unknown. In late October, 359 investors in Singapore filed a $57 million lawsuit against Kwon.

As of November 4, 15:20 UTC, the token of the new Terra (LUNA) network is trading at $2,48, according to Binance. The asset has gained 3,5% in the past 24 hours. On the asset’s price chart page, Binance representatives also pointed out that Do Kwon is internationally wanted and warned traders about the risks. The value of LUNC is $0,000226 (+1,6%).


Michael Golikov Michael Golikov

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy