LUNA’s price was manipulated by Do Kwon and his employee, claim Korean authorities

According to reports, South Korean investigators have discovered proof that Do Kwon and a worker manipulated the price of LUNA, Terra’s native cryptocurrency token.

The local media reports that the South Korean investigators believe Kwon is living in Europe.

The prosecutors used text conversations sent between the founder of Terra Luna Kwon and his employee as evidence. According to the South Korean prosecutor’s office:

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

Until recently, Kwon’s representative rejected these charges in interviews. Kwon previously stated in an interview:

“We tended to emphasize only the good things about Terra, but I think all of Terra’s core strengths were true.”

Furthermore, Kwon and his representatives have already disputed charges that they violated South Korean capital market regulations.

According to sources, Kwon moved from South Korea to Singapore before relocating to Dubai. Kwon is said to be in Europe without a valid passport as of November 3.

If Kwon is located, he will also have to face a $57 million lawsuit recently filed by the Singapore High Court against him, Terra co-founder Nicholas Platias, and the Luna Foundation Guard (LFG).

The lawsuit claimed that Kwon, Platias, and the LFG misrepresented TerraUSD (UST) — now TerraUSD Classic (USTC) — as “stable by design” and capable of maintaining its peg to the US currency.