Korean Prosecutors Say They Have Evidence of Do Kwon's Market Manipulation; Do Kwon Says It Will Explain Publicly

Nov 04,2022
KingData News: South Korean prosecutors say they have obtained evidence that Terraform Labs CEO Do Kwon manipulated the price of virtual assets, leading to the collapse of TerraUSD and Luna, according to Edaily. The Joint Investigation Unit for Financial and Securities Crimes of the Seoul South District Prosecutor's Office said that the statute of limitations on Do Kwon's indictment has been suspended. Do Kwon is said to have moved to Europe via Dubai in September. Do Kwon tweeted, I will be holding a meeting to explain this and police officers from around the world are welcome to attend and for those who have been spreading lies on the taxpayers' dime, we will invite you as VIPs and will even pay for your airfare.
This indicator provides follow-up on the depg of Terra's stablecoin UST on May 8th. Terra's stablecoin UST briefly lost its peg to the U.S. dollar on May 8th, dipping as low as $0.985. The depeg event came after a series of multi-million dollar UST selloffs as one account traded about $85 million worth of UST for USDC on Curve Finance, while another user reportedly sold $108 million worth on Binance. UST posted a slight recovery shortly after Terraform Labs CEO Do Kwon posted a tweet calling out the stablecoin's critics.