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

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Dogecoin Price Gets $5 Prediction, Shiba Inu To Rally 1,100%, And ETFSwap (ETFS) To Jump 135x

Here are the latest predictions for Dogecoin, Shiba Inu, and ETFswap.

4 hours ago

AVAX Hits $1B in DeFi, Cardano Expected to Surge—BlockDAG Leads with $110M Presale & 100% Bonus!

Discover BlockDAG's 100% bonus and $110M presale surge that’s sparking interest among crypto enthusiasts. Also,…

4 hours ago

Crypto Institutional Investors Move To ETFSwap (ETFS) Amid $500 Million Liquidity Injection Expectations

Discover why crypto investors are moving to ETFSwap (ETFS) as $500 million liquidity injection is…

7 hours ago

Buyers Rush to Maximise Gains with BlockDAG’s 100% Bonus Offer; Plus, ETH Holds Strong as Solana Challenges Rivals

Learn about BlockDAG's $110M presale achievement and the whopping 100% bonus offer, alongside Ethereum's growth…

9 hours ago

Thai Police Corruption Case Involving Officers and Extortion

Thai police corruption exposed as officers extort millions in USDT from a Chinese man under…

12 hours ago

SafePal Telegram Wallet Launches with Swiss Bank Accounts and CeDeFi

SafePal Telegram Wallet allows 950 million users to create compliant crypto-friendly Swiss bank accounts, integrating…

13 hours ago

This website uses cookies.