Cryptocurrency

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

South Korean prosecutors have obtained evidence that Do Kwon intentionally manipulated the market price of Terra (LUNA), as announced by Crypto Influencer. @Fatmantera.

FatManTerra, citing a local news source, said prosecutors obtained a private conversation between Kwon and one of his employees, in which Kwon ordered him to manipulate LUNA’s market price.

Prosecutors have not released details, but a spokesperson for the prosecutor said:

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

They also discover that Kwon now lives in Europe. This also means Kwon is an illegal immigrant as the South Korean government canceled his passport at the end of October.

case updates

In October, South Korean officials arrested Yoo Mo, head of public affairs at Terraform Labs, after discovering that he had misled the community by falsifying market data. He was issued an arrest warrant on October 5 and arrested on October 6. Given his close relationship with Kwon, South Korean authorities considered him a key figure in the Terra Luna investigation.

However, Mo’s arrest did not last longer than 24 hours after a South Korean district court dismissed Mo’s arrest warrant on October 6. We classify LUNA tokens as securities.

South Korean prosecutors did not disclose whether Kwon spoke to Mo in private conversations obtained on November 3.

Kwon repeat judge

Dokwon was interviewed on October 18 and reiterated the judge’s decision regarding Mo’s arrest warrant. Kwon said the fraud charges against him fall outside the scope of South Korea’s capital market law and are therefore invalid.

Mr Kwon said:

โ€œThe consistent stance from the South Korean government, even directly from the Financial Services Commission, is that cryptocurrencies are not securitiesโ€ฆand it is not within their jurisdiction to regulate cryptocurrencies for that reason.โ€

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