Do Kwon Sent $7 Million To Law Firm Just Before Terra’s Crash
Key Points:
- Do Kwon, CEO of Terraform Labs, sent a large sum of money to Kim & Chang just before the Terra Luna collapse.
- Prosecutors are tracking the source of the money and suspect embezzlement charges may apply.
According to a KBS News post, Korean prosecutors have confirmed that Do Kwon, CEO of Terraform Labs, sent 9 billion won ($7 Million USD) to Kim & Chang, the largest law firm in Korea, just before the crash.
Terraform Labs CEO has been confirmed to have transferred a large sum of money to Kim & Chang, the largest law firm in Korea, just before the Terra and Luna collapse in May of last year.
The prosecution is tracking where the money came from, as it can be judged that if the company has cashed in coins, charges of embezzlement can be applied. Moreover, the remittance started ‘just before the crash,’ which can be inferred that CEO Kwon was aware of the possibility of a ‘collapse’ in advance and prepared legal responses.
About 9 billion won had been remitted to Kim & Chang several times before the crash from Terraform Labs’ headquarters in Singapore. The prosecution and Singapore law enforcement authorities are tracing the source of this money.
The fact that a large amount of money was sent to a large law firm before the collapse can be seen as a situation in which they are prepared for judicial risks such as the prosecution’s investigation. If a large amount of criminal proceeds were siphoned off in advance in the name of legal response that will continue for a long time, the prosecution believes that even the money already remitted to Kim & Chang can be collected and preserved.
Around 200,000 people are estimated to have bought Terra Luna before and after the crash and lost money. However, CEO Kwon did not compensate them a penny. Victims called for an investigation, saying it was a ‘financial fraud.’ Kim & Chang stated that it was difficult to confirm specific details of each case in terms of how they received the 9 billion won under what name.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Thana
Coincu News
Author
News
Do Kwon Sent $7 Million To Law Firm Just Before Terra’s Crash
Key Points:
- Do Kwon, CEO of Terraform Labs, sent a large sum of money to Kim & Chang just before the Terra Luna collapse.
- Prosecutors are tracking the source of the money and suspect embezzlement charges may apply.
According to a KBS News post, Korean prosecutors have confirmed that Do Kwon, CEO of Terraform Labs, sent 9 billion won ($7 Million USD) to Kim & Chang, the largest law firm in Korea, just before the crash.
Terraform Labs CEO has been confirmed to have transferred a large sum of money to Kim & Chang, the largest law firm in Korea, just before the Terra and Luna collapse in May of last year.
The prosecution is tracking where the money came from, as it can be judged that if the company has cashed in coins, charges of embezzlement can be applied. Moreover, the remittance started ‘just before the crash,’ which can be inferred that CEO Kwon was aware of the possibility of a ‘collapse’ in advance and prepared legal responses.
About 9 billion won had been remitted to Kim & Chang several times before the crash from Terraform Labs’ headquarters in Singapore. The prosecution and Singapore law enforcement authorities are tracing the source of this money.
The fact that a large amount of money was sent to a large law firm before the collapse can be seen as a situation in which they are prepared for judicial risks such as the prosecution’s investigation. If a large amount of criminal proceeds were siphoned off in advance in the name of legal response that will continue for a long time, the prosecution believes that even the money already remitted to Kim & Chang can be collected and preserved.
Around 200,000 people are estimated to have bought Terra Luna before and after the crash and lost money. However, CEO Kwon did not compensate them a penny. Victims called for an investigation, saying it was a ‘financial fraud.’ Kim & Chang stated that it was difficult to confirm specific details of each case in terms of how they received the 9 billion won under what name.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Thana
Coincu News
Other Posts
Related Posts
Latest
Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges
Singularity Finance Strikes Strategic Partnerships to Lead the AI and RWA Economy and Expand its Ecosystem
Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments
Press Release
Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges
Singularity Finance Strikes Strategic Partnerships to Lead the AI and RWA Economy and Expand its Ecosystem
