By Richard Hines
According to reports from South Korean Prosecution services, Do kwon, the Co-founder and CEO of TerraForm Labs, gave instructions to his employees to manipulate the market price of the TerraUSD (LUNA) coin in a $40 billion wipeout in May.
Uncovered Truth About TerraUSD Crash
Do Kwon, the CEO of TerraForm Lab, is now in much more danger as recent reports revealed his direct involvement in the Luna crash. With evidence linking Do Kwon to the crash, the South Korean prosecution office debunks all claims of Do Kwon’s innocence.
According to the findings of the investigation, Do Kwon was accused of instructing his workers to falsify the price of the TerraUSD stable coin, which resulted in a $40 billion loss in May.
This evidence is revealed to invalidate Do kwon’s claim of innocence. However, detailed specifics about this development have yet to be revealed. More prosecutors have come forward to say they have more incriminating evidence in the form of messages between Do Kwon and his staff in which he instructed them to alter the price of the coin.
On September 23rd, 350 Singaporean investors filed a lawsuit against Do Kwon after losing a total of $57 million in the early moments of the TerraUSD crash.
This move was followed by legal steps taken by law enforcement agencies in South Korea against Kwon, which resulted in restrictions being imposed on him in order to bring him out of hiding.
Do Kwon Still In Hiding
Following the crash, he was declared wanted in numerous countries and placed on Interpol’s Red Notice. Furthermore, South Korean authorities revoked and cancelled his passports, leaving him stranded and an automatic illegal immigrant wherever he flees.
Despite all of these allegations and outrage at the Terra USD crash, his legal team maintains their stand on his innocence in all of these. Some speculate that they are depending on the fact that South Korea lacks a clear crypto framework that can be utilized against Kwon to make the allegations substantial.
According to information obtained from cops and investigating organizations, Do Kwon is currently residing in Europe, however his exact whereabouts is unknown.
Authorities have failed to locate him with this little information in order to make him answer for all of the allegations surrounding the huge loss incurred during the TerraUSD crash.
Do Kwon, for his part, continues to interact with the general public through Twitter, debunking rumors of him hiding and announcing that he would soon host a meetup and cops are invited to attend.