The exact location of Do Kwon, the founder and CEO of failed stablecoin company Terraform Labs, remains a mystery. However, South Korean prosecutors have identified that the wanted crypto fugitive may be in Europe, according to the Bloomberg report on Friday.

said the prosecution Do Kwon is currently residing in Europe as his location has been partially discovered. Law enforcement officials said Kwon recently moved to a third country located in Europe, via Dubai.

After the mess surrounding the infamous TerraUSD crash, Kwon fled South Korea, moving to Singapore in September. On Sept. 17, South Korean prosecutors unearthed more details about Kwon’s move, saying the cryptocurrency developer had left Singapore and flown to Dubai likely as a stopover to unknown destinations. They are now more certain that Kwon’s current residence is in Europe, as law enforcement continues to investigate to find his precise location.

In addition to efforts to track down Kwon’s location, the South Korean prosecutor’s office said Friday it has obtained evidence indicating Kwon once ordered an employee to manipulate the price of Luna Classic (LUNC).

Evidence of price manipulation

The prosecution said it obtained a “conversation history” in which “executive director Kwon specifically ordered price gouging.”

During the last bull market, the price action of the Terra LUNC, formerly Terra (LUNA), was certainly one of the CRYPTOCURRENCIES with the best performance.

According to data from crypto price and information data platform CoinGecko, the value of LUNA increased by more than 2,800%, from $4.18 at the end of May 2021 to its all-time high of $119.18 on April 5, 2021. 2022, before its dramatic collapse on April 30.

In early September, the Seoul Southern District Public Prosecutor’s Office issued an arrest warrant for Kwon and five other people accused of violating the country’s financial laws. Prosecutors issued various charges against Kwon and others, including fraud and tax evasion. Kwon was believed to be in Singapore at the time, as police said he was no longer in South Korea.

Later that month, Interpol issued a “red notice” for Kwon’s search and arrest. The move came after South Korean authorities asked the global law enforcement agency for help in tracking Kwon’s whereabouts earlier that month.

Kwon and his firm faced investigations by the South Korean government after the value of his cryptocurrencies, Luna and TerraUSD, plummeted and contributed to a $300 billion slump in the crypto economy in May. The crash caused massive losses among investors and prompted calls for an investigation into Kwon and the signing of him following allegations of fraud and tax evasion.

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