{"id":69548,"date":"2022-11-04T09:40:33","date_gmt":"2022-11-04T07:40:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69548"},"modified":"2025-09-07T20:41:05","modified_gmt":"2025-09-07T17:41:05","slug":"media-south-korean-authorities-have-obtained-evidence-that-do-kwon-manipulated-lunas-price","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-south-korean-authorities-have-obtained-evidence-that-do-kwon-manipulated-lunas-price\/","title":{"rendered":"Media: South Korean authorities have obtained evidence that Do Kwon manipulated LUNA’s price."},"content":{"rendered":"

The prosecutors of South Korea have obtained evidence that Terraform Labs (TFL) CEO Do Kwon manipulated the price of LUNA. This was reported by Korean Broadcasting System<\/a>, citing a representative of the supervisory agency.<\/p>\n

According to him, authorities have at their disposal correspondence between Kwon and a certain employee.<\/p>\n

\n

\u201cI can’t disclose details, but it was a history of conversations [in a messaging app], in which the CEO explicitly ordered price manipulation,\u201d the source said.<\/p>\n<\/blockquote>\n

According to Korean Broadcasting System, a representative for Kwon refuted these allegations. The media also notes that the head of TFL lives somewhere in Europe.<\/p>\n

By late March, the Terra ecosystem’s native token price breached the $107<\/a> mark. LUNA’s rise was accompanied by a surge in trading volume. This occurred amid active Bitcoin purchases<\/a> by the non-profit Luna Foundation Guard to back the stability of the algorithmic stablecoin<\/a> TerraUSD (UST).<\/p>\n

On May 8, UST lost its peg<\/a> to the US dollar after asset outflows from the Anchor protocol as deposit yields dropped to 17.87%.<\/p>\n

On May 10, the asset’s price fell below $0.62<\/a>. The decline continued on May 11<\/a>, after which the LUNA cryptocurrency used to mint UST collapsed to $0.30<\/a>.<\/p>\n

After the collapse, South Korea’s financial regulators held an emergency meeting<\/a> to assess the incident’s consequences. According to media reports, local authorities began an investigation into Terraform Labs employees<\/a> as part of the investigation.<\/p>\n

Earlier, in September, an arrest warrant was issued for Do Kwon and five other Terraform Labs employees on charges including violations of capital markets laws.<\/p>\n

Thereafter, the prosecution asked the Ministry of Foreign Affairs to revoke the passports<\/a> of those named. The ministry granted the police request<\/a> and ordered Kwon to return his passport within 14 days.<\/p>\n

The authorities also asked Interpol<\/a> to begin a search and authorize the arrest of the company’s co-founder. Media reported the issuance by the international police organization of a \u201cred notice\u201d<\/a> for Kwon. Information on the site<\/a> does not confirm this.<\/p>\n

Kwon denied the charges against him<\/a> and that he is “on the run”. However, he refused to disclose his country of residence.<\/p>\n

Read ForkLog’s bitcoin news in our Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"

The South Korean prosecutor’s office has obtained evidence that Terraform Labs CEO Do Kwon manipulated the price of LUNA. This was reported by Korean Broadcasting System citing a representative of the supervisory agency.<\/p>\n","protected":false},"author":1,"featured_media":69549,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"South Korean prosecutors say Do Kwon manipulated LUNA's price, per KBS.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[974,852],"class_list":["post-69548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-south-korea","tag-terra"],"aioseo_notices":[],"amp_enabled":true,"views":"59","promo_type":"1","layout_type":"1","short_excerpt":"South Korean prosecutors say Do Kwon manipulated LUNA's price, per KBS.","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=69548"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69548\/revisions"}],"predecessor-version":[{"id":69550,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/69548\/revisions\/69550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/69549"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=69548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=69548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=69548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}