Prosecutors Secure Evidence of Kwon Do-hyung's Order to Manipulate Terra Market Prices
Kwon Do-hyung, CEO of Terraform Labs. Photo by Yahoo Finance video screen capture
View original image[Asia Economy Reporter Yoo Byung-don] The prosecution investigating the Luna and Terra crash incident is reported to have secured evidence that Kwon Do-hyung, CEO of Terraform Labs, manipulated the price of the cryptocurrency Terra.
According to the prosecution on the 4th, the Seoul Southern District Prosecutors' Office obtained messenger conversations in which CEO Kwon instructed an employee to deliberately manipulate Terra's price.
CEO Kwon had promoted that Terra and Luna overcame the characteristic volatility of cryptocurrencies, but the prosecution views this promotion itself as fictitious.
A prosecution official stated, "Since this is an ongoing investigation, it is difficult to confirm specific facts."
Meanwhile, CEO Kwon's passport was invalidated as of the previous day. It is reported that he left the country at the end of April, stayed in Singapore, and then moved to a European country via Dubai in September.
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Accordingly, the Seoul Southern District Prosecutors' Office's Joint Financial and Securities Crime Investigation Team has suspended the statute of limitations against CEO Kwon. Under the Criminal Procedure Act, if a suspect flees abroad to avoid criminal prosecution, the statute of limitations can be suspended.
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