South Korean prosecutors accuse Do Kwon of manipulating the price of Terra

Prosecutors allegedly obtained a "messaging conversation" in which Kwon ordered an employee to manipulate Terra's market price. New

A local report from South Korea claims that prosecutors in the country have obtained evidence suggesting that Terraform Labs co-founder Do Kwon once ordered an employee to manipulate the price of Luna Classic (LUC).

A November 3 Korean Broadcasting System (KBS) report cites an official from the South Korean prosecutor's office as saying he obtained a "chat history" in which "CEO Kwon specifically ordered price manipulation ".

The reported evidence took the form of a "messenger conversation" between Kwon and a former Terraform Labs employee. Prosecutors did not release further details, noting:

"I can't reveal details, but it was a conversation story where CEO Kwon specifically ordered price manipulation."

While the exact details of the price manipulation are not disclosed, the price performance of Terra's LUNC, formerly Terra (LUNA), during the last bull market was undoubtedly one of the most impressive among all cryptocurrencies.

Its price rose over 2,800% from $4.18 at the end of May 2021 to its all-time high of $119.18 on April 5, 2022, before its cataclysmic crash on April 30, according to data from CoinGecko .

The report notes, however, that Kwon's representative continued to deny these allegations.

Kwon and his representatives have also denied alleged violations of South Korean capital markets laws.

In September, Terraform Labs said the case against its co-founder had become "highly politicized" and that prosecutors had expanded the definition of security in response to public pressure.

Kwon's comings and goings eventually continue to...