Fiasco Terra: Do Kwon, betrayed by his family?

A new twist in the case of Do Kwon who, this time, is accused of having manipulated the price of LUNA. These revelations overwhelm him more while he still proclaims his innocence.

Fall of LUNA: a fraud organized by Do Kwon?

In addition to the numerous charges already pending against him, it would seem that Do Kwon has also just been accused of manipulating the price of LUNA. According to Naver News, one of South Korea’s most popular news sources, prosecutors have evidence of this plot. Legal authorities are said to have evidence suggesting that the CEO of Terraform Labs instructed his employees to artificially manipulate the price of LUNA.

Do Kwon allegedly manipulated the price of LUNA according to prosecutors.

Justice does not provide any additional details on this new evidence concerning the collapse of the stablecoin. “I can’t reveal the details, but it was a conversation story where CEO Kwon specifically ordered price manipulation,” says an official from the prosecutor’s office. In light of these new elements, the South Korean prosecutors handling the case strongly suspect organized fraud. LUNA’s fall would be a set-up.

He proclaims his innocence … on the run

Of course, Do Kwon totally refutes these allegations. Moreover, his lawyers have been claiming his innocence since the collapse of Terra (LUNA) in May. A position that leaves the victims and the authorities doubtful knowing that the accused has been hiding since the beginning of this case. After the crash that resulted in a loss of 40 billion, many investors filed complaints against Do Kwon for fraud and mismanagement. Some complaints even accuse him of endangering capitalist markets.

Following a shower of accusations, the arrest warrant fell on September 14. Meanwhile, Do Kwon hides. First located in Singapore after the fall of LUNA, the accused remains untraceable. South Korea therefore asked Interpol to place it under red notice. Which was done towards the end of September. Lately, it seems that Do Kwon was in Europe. But again, there is no certainty. The CEO of Terraform Labs remains at large, with fugitive status.

Whether he is innocent or not in this case, it is certain that Do Kwon has caused considerable harm to investors. It also damaged the image of cryptocurrencies in addition to having reinforced the conviction of cryptoskeptics.

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