Do Kwon, the co-founder and Chief Executive Officer (CEO) of Terraform Labs, is now in hotter water following a crucial discovery made by South Korean prosecutors that could undermine his claims of innocence and non-involvement in the colossal implosion of the TerraUSD stablecoin.
According to some reports published on Korean news sites, Kwon allegedly gave specific instructions to one of his employees to manipulate the market price of the algorithmic stablecoin in a $40 billion wipeout in May.
Although details about this development are yet to be revealed, prosecutors claim they have incriminating evidence, particularly the exchange of messages through Messenger between Do Kwon and the Terraform Labs employee he ordered to carry out the artificial price adjustment.
“I can’t reveal the details, but it was a conversation history where CEO Kwon specifically ordered price manipulation,” said one…
