11-05-2022 icon

South Korean Prosecutors Charge Terraform Labs Co-Owner Do Kwon for Altering Terra’s Market Value

By Lucy Adegbe

According to news from the South Korean region, the nation’s prosecutor have secured proof that underlines that Terraform Labs co-owner Do Kwon had instructed a worker to alter the market trade value of Luna Classic (LUNC).

On Nov 3, Korean Broadcasting System (KBS) cited a release from the national attorney’s office, which highlighted that they are in the custody of chat records in which Kwon had instructed the value alteration.

The alleged proof was obtained from a “messenger chat” between the accused and a previous staff of the blockchain company.

Terra LUNC previously known as Terra LUNA showed remarkable movements amongst other digital coins during the past bulk markets.

Its market rate had seen a 2,800% increase from $4.18 towards the end of May 2021 to over $119.18 in the first week of April 2022, before it hit a sudden plunge on the last day of April, as revealed by CoinGecko analysis.

In line with Kwon’s response to the previous allegation concerning national market law breaches, his delegate has refuted the claims of Kwon’s price alterations.

Currently, Kwon’s location is unknown although the protocol has argued that its co-owner is in no way in hiding.

Aside from being wanted by the authorities, the co-owner’s passport has been made invalid, as stated by national news.