March 28, 2024

South Korean Prosecutor's Office: We Found Evidence of Terra Price Manipulation

Article Reading Time:
1 min.

South Korean Prosecutor's Office: We Found Evidence of Terra Price Manipulation

South Korean law enforcement agencies said they received a history of correspondence between the former head of Terraform Labs and a subordinate, where he directly asked to manipulate the price of cryptocurrency.

The South Korean Prosecutor's Office released a report fromwhich follows that law enforcement was able to obtain evidence that Terraform Labs co-founder Do Kwon at least once asked an employee of his company to manipulate the price of Terra Luna Classic (LUNC). The prosecutor's office stores the history of conversations between the employee and the co-founder in the messenger.

Details about the manipulation are not disclosed,However, Do Kwon's representatives continue to deny all accusations, stating that the case against him is based on baseless arguments. Representatives of the former head of Terraform Labs believe that the case is too politicized and cannot continue under such circumstances.

"Do Kwon, wherever he appears, there will beconsidered an illegal immigrant and will not be able to travel legally between the countries, his South Korean passport has been revoked. If Do Kwon is found, he will have to deal with a lawsuit for $57 million, and most likely the businessman will be deported back to South Korea,” say representatives of Korean law enforcement agencies.

Kwon himself is in no hurry to reveal the location,stating that if he did so, he would be immediately sent to prison. And his activity on social networks remained at least at the same level. The last message on Twitter dates back to November 3 - Kwon wrote that the last few weeks have been especially creatively fertile for him.

In mid-October, he insisted that he continued to cooperate with South Korean prosecutors.

</p>