May the price climb to the Moon! – Every investor’s dream of their favorite crypto. And, an inaccessible superpower in a world where the market reigns supreme. Unreachable, really? Not for everyone obviously. Recent advances in the trial of the founder of the Terra ecosystem, Do Kwon, seems to show that he had arrogated this power to himself. All the details of the scandal.
Luna, a manipulated flight?
Can you raise the price, please? It is surely not in these terms that Do Kwon addressed one of his employees. Nevertheless, the facts are there according to our colleagues from Cointelegraph. As part of the ongoing trial, the prosecutor’s office revealed a private Messenger conversation between the founder of TerraForm Labs and one of its employees. According to the statements of the prosecutor speaking at the microphone of KBSone of Korea’s largest news channels, the exchange of messages would unambiguously deal with Luna’s price manipulation.
“I cannot reveal the details but it is a conversation log in which CEO Do Kwon specifically orders price manipulation”
The prosecutor’s office, in the trial against Do Kwon
Although no details have leaked on the content of these exchanges, it could potentially be fishy indeed. First of all, it is clear during the previous bull run that the crazy surge of the Luna token, renamed from LUNC for Luna Classic, was impressive to say the least. The Lunatics crypto rose between June 2021 and April 2022 from $5 to over $110. That is 2000% increase in less than a year. Before his sharp fall in May 20222. It had thus joined in record time the top 10 of the largest capitalizations of Coinmarketcap. Although this kind of volatility is not that rare in cryptos, it is still an outstanding performance for the token. Enough to sow doubt.
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Do Kwon on the run, but the noose is tightening
Although he does not say he is on the run, no one knows today where the boss of Terra, Do Kwon, is. Once suspected of having flown to Singapore, recent advances would indicate that the eccentric boss of Terra would have passed through Dubai to finally take refuge in Europe. In addition, things are now complicated because his passport has just been invalidated by Korean justice. The prosecutor confirms this in his interview.
“Do Kwon is an illegal immigrant from this day forward, no matter what country he is in. He can no longer legally travel from one country to another”
This legal storm obviously does not prevent Do Kwon from continuing to publish on social networks. The CEO on the run was still addressing his followers on November 3. One thing is certain, the Terra ecosystem has caused much ink to flow and been the source of many misadventures. In crypto as elsewhere, caution is required throughout one’s life as an investor. This tumultuous crypto universe is all in all conducive to the birth of the greatest revolutions such as greatest disasters.
Another one bites the dust.. A giant in the crypto ecosystem bites the dust. Avoid leverage for a while and you’ll be fine. Register without delay on the FTX reference crypto exchange platform. In addition, you benefit from a lifetime reduction on your trading fees (commercial link, see conditions on official website).