According to local news from South Korea on November 3, 2022, Do Kwon and a partner are suspected of manipulating the price of LUNA, Terra’s native cryptocurrency, according to evidence found by Korean prosecutors.
According to a KBS News report, Do Kwon, who co-founded the Terra blockchain project, is now in Europe. Fatman, a whistleblower for Terra who has been making scathing claims against Kwon and other Terraform Labs partners in recent months, learned of the information.
On November 3, 2022, Fatman posted on Twitter that “Korean prosecutors have obtained a secret communication between Do Kwon and an employee where he provides orders to influence LUNA’s market price.” “They have also confirmed that he is an illegal immigrant living in Europe right now.” Fatman also tweeted the KBS News piece, which provided a summary of the same information as the whistleblower’s tweet.
The information comes after it was claimed that South Korean officials allegedly froze $40 million in cryptocurrency holdings. According to reports, the assets came from the cryptocurrency exchanges Kucoin and Okex. Kwon, though, asserted that he didn’t use such trading platforms and denied that his cash had been taken. Kwon has frequently stated that he is “making zero attempts to conceal” from the public.
Interestingly, these recent weeks have been one of the most creative times in my life, Kwon tweeted on November 3, 2022. Kwon may have been hiding out in Dubai, according to Lee Do-KBS Yoon’s News piece, but the writer also noted that Kwon is dwelling in the area illegally.
Translation of Lee Do-editorial Yoon’s for KBS News: “Do Kwon is now an illegal immigrant, wherever he is, in whatever country, and he cannot move legally between countries.”
Along with the KBS News story asserting that South Korean prosecutors had evidence against Kwon, a class-action lawsuit has also been filed against the Terra co-founder and his colleagues, including members of the Luna Foundation Guard (LFG) and Nikolaos Alexandros Platias.