South Korean Prosecutors Have Indicated the Fugitive Terraform Labs Founder, Do Kwon, is in Europe

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The post South Korean Prosecutors Have Indicated the Fugitive Terraform Labs Founder, Do Kwon, is in Europe appeared first on Coinpedia Fintech News

According to a KBS News report, Do Kwon, who co-founded the Terra blockchain project, is now in Europe. Fatman, a whistleblower for Terra who has been making scathing claims against Kwon and other Terraform Labs partners in recent months, learned of the information.

Additionally, according to the prosecution, they have chat records that show price manipulation of the tokens he developed.

On November 3, 2022, Fatman posted on Twitter that “Korean prosecutors have obtained a secret communication between Do Kwon and an employee where he provides orders to influence LUNA’s market price.” “They have also confirmed that he is an illegal immigrant living in Europe right now.”

After the Terra ecosystem crashed in May, losing $60 million in value, Kwon was accused of breaking South Korean capital markets regulations. The fall of Terra was a catastrophic event for the cryptocurrency market, with reports claiming that some investors lost their whole life savings.

Kwon denied rumors that he was on the run and instead left for Singapore from his native South Korea. He asserted that he had relocated to Singapore before Terra’s demise.

This week, he reaffirmed this assertion on Twitter, announcing that he would host a conference “to get over this in-hiding bs.”

On November 3, 2022, Kwon posted a similar tweet, writing, “Strangely, these last few weeks have been one of the most creative periods of my life.” Kwon might have been hiding in Dubai, according to the Lee Do-Yoon-penned KBS News piece, but the writer also noted that Kwon is living there illegally.

A class-action lawsuit has been filed against the Terra co-founder and some of his collaborators, including Nikolaos Alexandros Platias and LFG members.

The plaintiffs are suing for $57 million in damages in this Singapore-based litigation. The court lawsuit is the result of 359 foreign investors asserting that the collapse of Terra’s cryptocurrency ecosystem caused them to experience financial hardship.