Key Points:
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
Explore BlockDAG’s $1M giveaway with fifty chances to win $20,000 in BDAG coins. Get updates…
Crypto investors should get their hands on these promising tokens in the coming week
Discover the 50% bonus on BlockDAG coins celebrating their testnet launch success, alongside updates on…
The ETH price continues to suffer downward pressure due to the outflows from the Spot…
BlackRock’s iShares Ethereum ETF (ETHA) has exceeded $1 billion in assets, making it one of…
Canada extends crypto compliance deadline to the end of 2024, giving exchanges more time to…
This website uses cookies.