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Do Kwon's lawyers received $7 million before Terra collapse: report

Published on

April 15, 2023
Read Time:1 Minute, 28 Second

South Korean prosecutors confirmed that Do Kwon, CEO of Terraform Labs, transferred 9 billion gained ($7 billion) to Kim & Chang - a number one South Korean legislation agency - simply earlier than the spectacular collapse of the Terra ecosystem.

Kwon's determination to ship thousands and thousands to the legislation agency has been characterised by prosecutors as a deliberate transfer, allegedly reiterating his consciousness of the upcoming collapse and the authorized troubles anticipated since reported by KBS Information.

Whereas making an attempt to tie in with Kwon's evil intent to prepay the legislation agency, prosecutors imagine the data will assist in the continuing fraud case. As well as, Kim & Chang's attorneys visited Montenegro to satisfy with former Chief Monetary Officer of Kwon and Terraform, Han Chang-joon.

Earlier, Kwon was arrested at Podgorica Airport in Montenegro after making an attempt to fly to Dubai with solid paperwork. After his arrest, each the US and South Korean authorities requested Kwon's extradition. Nonetheless, the courtroom has but to determine.

Associated: Terra co-founders in South Korean crosshairs after Do Kwon's arrest

On April 7, it was revealed that South Korean prosecutors suspected Kwon of changing illicit funds from Terra (LUNA) to Bitcoin (BTC). Prosecutors ordered Binance to halt all withdrawal requests associated to Kwon.

In all, prosecutors recognized 414.5 billion gained (US$314.2 million) in illicit belongings associated to Terraform Labs co-founder Kwon and his associates, of which about 91.4 billion gained (US$69 million). -dollar) are instantly linked to Kwon.

“We've supplied the requested help to the Korean LE authorities. As we're unable to touch upon ongoing LE investigations, please contact prosecutors for additional remark,” a Binance spokesperson advised Cointelegraph of the matter.

Journal: US legislation enforcement businesses are heating up crypto-related crime

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : April 15, 2023
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