Prosecutors: We Have Proof Do Kwon ‘Ordered Crypto Price Manipulation’

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Share

Copied

Last updated:

October 23, 2023 08:29 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ad Disclosure

We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more

South Korean prosecutors say they have evidence that proves the missing Terraform Labs Co-founder Do Kwon told an employee to manipulate coin prices. But Kwon has suggested that he is ready to hold a “meetup,” with “cops from all over the world welcome” to attend.

Reports from the South Korean national broadcaster KBS and the nation’s biggest newspaper Chosun Ilbo explained that the Seoul Southern District Prosecutors’ Joint Financial and Securities Crime Investigation Team has unearthed a “message-based” “conversation between Kwon and an unnamed Terraform “employee.”

An official from the Prosecutor’s Office was quoted as stating:

“I cannot reveal the details, but this was a conversation whereby CEO Kwon specifically ordered the manipulation of prices.”

The media outlets did not state what coin was allegedly being referred to in the conversation.

Did Do Kwon Order Crypto Price Manipulation?

The prosecution referred to the communication platform as “secure” – suggesting it may have been an encrypted chat app.

Prosecutors further believe that Kwon is now based somewhere in Europe. And the nation’s foreign ministry has now voided his passport, after a lengthy protocol was completed. This means, KBS explained, that Kwon is “now an illegal immigrant, wherever he is” and he “cannot travel legally between countries.”

Kwon has been issued with an arrest warrant and an Interpol Red Notice. The latter is a call on police officers in Interpol member nations to detain a suspect. South Korean authorities now believe that Kwon traveled to Europe from Dubai.

Do Kwon: Claims I Am in Hiding Are BS

Kwon, however, has remained defiant on social media. In addition to the criminal case being brought against him, he will also need to content with a number of civil cases being prepared by lawyers representing disgruntled groups of investors.

The Terraform chief has previously claimed he is not “in hiding” or “on the run” – despite the South Korean prosecution’s claims otherwise.

He took to Twitter to “invite” all-comers to a forthcoming “meetup.”

Alright ill throw a meetup/conference soon to get over this in hiding bs

Cops from world over welcome to attend

— Do Kwon 🌕 (@stablekwon) November 3, 2022

He added:

“For those of you that have been spreading falsehood on the [taxpayer’s] dime, you are invited with VIP honors – will even pay for your plane ticket. Show up if you dare.”

He even apparently mocked the notion of the police attending his “meetup” – tweeting a toy gun emoji and the text “pew pew.”

Kwon added that individuals had “made up” “complete bullshit” about him “for political reasons” and would “claim sovereign immunity” if their claims were proven to be untrue.