South Korean Prosecutors Accuse Do Kwon of Manipulating LUNA’s Market Price – Bitcoin News

On Thursday, Nov. 3, 2022, local reports from South Korea disclosed that Korean prosecutors have allegedly discovered evidence that shows Do Kwon and an associate manipulated the price of LUNA, Terra’s native crypto token. According to the report, South Korean prosecutors suspect Kwon of hiding in Europe.

Local Report Claims South Korean Prosecutors Have Evidence of Do Kwon Ordering an Associate to Manipulate LUNA’s Price

KBS News published a report claiming that Do Kwon (the co-creator) of Terra’s blockchain project is located in Europe. The news was discovered by the Terra whistleblower known as Fatman, an individual that has been publishing damning allegations against Kwon and Terraform Labs’ associates during the last few months.

“Korean prosecutors have obtained a private conversation between Do Kwon and an employee where he gives orders to manipulate LUNA’s market price,” Fatman wroteOn Twitter, November 3, 2022. “They have also confirmed that he is currently residing in Europe as an illegal immigrant.”

Fatman shared another KBS News article with Lee Do-Yoon, who summarized exactly the same news that the whistleblower wrote in the tweet. Speaking with the KBS News reporter, Lee Do-Yoon, the South Korean Prosecutor’s Office official said:

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

Report Says ‘Do Kwon Is Now an Illegal Immigrant’

This news comes after South Korean authorities allegedly confiscated $40 million worth of crypto assets. According to reports, the assets were derived from Okex and Kucoin crypto exchanges. Kwon denied that his funds were taken and claimed that they had been stolen. said that he didn’t use those trading platforms. Kwon repeated this assertion. told the public he is “making zero effort to hide.”

Kwon tweeted also on November 3, 2022 when he was ill. said “Strangely, these last few weeks have been one of the most creative periods of my life.” The KBS News article written by Lee Do-Yoon says that Kwon may have been hiding out in Dubai, but the reporter also added that he is residing in the region illegally.

“Do Kwon is now an illegal immigrant, wherever he is, in any country, and he cannot travel legally between countries,” a translation of Lee Do-Yoon’s KBS News editorial explains.

KBS News also reported that South Korean authorities have provided evidence against Kwon. Terra founder and Terra associates like members of Luna Foundation Guard (LFG), Nikolaos Alexandros Plateias were named in a class action lawsuit.

Plaintiffs seek $57 million damages. The suit stems from Singapore. The court case stems from 359 multinational investors that claim they suffered financial hardships from Terra’s crypto ecosystem collapse.

Douglas Gan and Julian Moreno Beltran, both from Australia, are the leaders of the class action against Kwon. Moreover, the crypto project Capapult Finance recently revealed the idea to create a “soft-pegged stablecoin” built on the Terra blockchain.

In this story, tags
$57 million, Capapult Finance, Class-Action, defendants, do kwon, Do Kwon Europe, Do Kwon Hiding, Do Kwon LUNA, Do Kwon Wanted, Douglas Gan, Fatman, Fatman Whistleblower, Investigation, investigators, Julian Moreno Beltran, KBS News, KBS News report, Lee Do-Yoon, lfg, luna foundation guard, manipulate LUNA, Nikolaos Alexandros Platias, plaintiffs, Singapore, South Korea, South Korea Police, South Korean Prosecutors, Terra collapse, whistleblower

What do you think about the report that claims Terra co-founder Do Kwon manipulated LUNA’s market price? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman is the News Lead for News. He also lives in Florida and works as a journalist covering financial technology. Redman joined the cryptocurrency community in 2011 and has been an active member ever since. Since 2011, Redman has been an active member of the cryptocurrency community. Redman is a prolific writer for News, with over 6,000 articles on disruptive protocols.

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