A report has been published by local reporting firms in South Korea. The report claims that the prosecutors now have enough evidence that holds Do Kwon responsible for the Terra network crash.
Do Kwon Manipulated Price of Terra
The report goes on to claim that Do Kwon, the co-founder of Terraform Labs was behind the price manipulation of Terra. The prosecutors claim that they now have enough evidence against Do Kwon.
They will be able to prove that Do Kwon was indeed involved in the price manipulation of Terra and now, he is going to face justice.
The prosecutors are claiming that Do Kwon had reportedly asked an employee to carry out such a task. The task involved the manipulation of the LUNA Classic (LUNC), previously dubbed as “LUNA”.
Report Published on November 3
The Korean Broadcasting System (KBS), issued the report on November 3, where it added quotes from the prosecutor’s office of South Korea.
The quotes suggest that Do Kwon had allegedly asked an employee to manipulate the Terra price. The prosecutors now have their hands on the conversation history, confirming Kwon was behind the manipulation.
As confirmed by the prosecutors, the evidence reportedly came from the messenger conversation that took place between a former Terraform Labs employee and Do Kwon.
Details are Kept Secret
Although the prosecutor’s office has made the claim, they are yet to reveal the proof of a conversation or chat between the employee and Do Kwon.
The prosecutors are keeping the evidence a secret and they may reveal it once Do Kwon is brought to the court for further hearings.
The situation for Terra Classic had been very impressive versus the performance of other cryptocurrencies when the crypto market was moving in the bullish zone.
There is a high chance that the trading price of LUNC did not rise naturally but it was increased through manipulative means.
Price Action of LUNC
In just a matter of a year, the trading price of LUNC had recorded a significant push. A look at the price chart for LUNC shows that in May 2021, its price was at a low of $4.18.
However, by April 5, 2022, LUNC’s price had risen to an all-time high of $119.18. LUNC’s trading price had reportedly surged by 2,800%.
Unfortunately, the trading price of LUNC started to deteriorate by the end of April 2022. Then on May 8, LUNC reportedly crashed to a very low price resulting in a great loss to major crypto firms and investors.
Kwon’s Representative Keeps Denying Such Allegations
As of now, the representative of Do Kwon has continued denying such claims and allegations. Still, Do Kwon is not making an appearance at the court to defend his position in the right way.
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