Korean authorities reportedly have proof of Kwon’s LUNA price manipulations

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Kore­an pros­e­cu­tors have obtained proof that Do Kwon pur­pose­ly manip­u­lat­ed Terra’s (LUNA) mar­ket price, as announced by cryp­to influ­encer @FatManTerra.

Cit­ing the local news sources, Fat­Man­Ter­ra said the pros­e­cu­tors obtained a pri­vate con­ver­sa­tion between Kwon and one of his employ­ees, where Kwon ordered LUNA’s mar­ket price to be manipulated.

Even though pros­e­cu­tors didn’t dis­close fur­ther details, a spokesper­son from the prosecutor’s office said:

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

They also found that Kwon was cur­rent­ly resid­ing in Europe. This also means that Kwon is an ille­gal immi­grant there since the Kore­an gov­ern­ment inval­i­dat­ed his pass­port in late October.

Latest updates to the case

In Octo­ber, Kore­an offi­cials locat­ed and arrest­ed Ter­raform Labs‘ Head of Gen­er­al Affairs, Yoo Mo, for deceiv­ing the com­mu­ni­ty by fak­ing mar­ket data. Mo’s arrest war­rant was issued on Oct. 5, and he got arrest­ed on Oct. 6. Con­sid­er­ing his close rela­tion­ship with Kwon, Kore­an offi­cials con­sid­ered him a key actor in the Ter­ra-Luna investigation.

How­ev­er, Mo’s arrest didn’t last longer than 24 hours, as a Kore­an Dis­trict Court dis­missed Mo’s arrest war­rant on Oct. 6. The Judge con­clud­ed that Mo might not have vio­lat­ed the Cap­i­tal Mar­ket Act by manip­u­lat­ing the LUNA price since Kore­an law did not clas­si­fy the LUNA token as a security.

Kore­an pros­e­cu­tors didn’t dis­close whether Kwon was talk­ing to Mo in the pri­vate con­ver­sa­tion obtained on Nov. 3.

Kwon repeats the Judge

Do Kwon was inter­viewed on Oct. 18, where he repeat­ed the Judge’s deci­sion on Mo’s arrest war­rant. Kwon said that the fraud charges against him are out­side the scope of Korea’s Cap­i­tal Mar­kets Act and there­fore are invalid.

Kwon said:

“The con­sis­tent stance from Kore­an gov­ern­ments has been, and even from the Finan­cial Ser­vices Com­mis­sion direct­ly, that cryp­tocur­ren­cies are not secu­ri­ties… And it is not with­in the ambit of their juris­dic­tion to reg­u­late cryp­tocur­ren­cy for that reason.”



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