South Korean prosecutors confirmed that Terraform Labs CEO Do Kwon despatched 9 billion received ($7 billion) to Kim & Chang — a prime South Korean regulation agency — proper earlier than the spectacular collapse of the Terra ecosystem.
Kwon’s resolution to ship hundreds of thousands to the regulation agency was flagged by prosecutors as a deliberate transfer, which allegedly reaffirmed his consciousness of the approaching collapse and anticipated anticipated authorized issues, as reported by KBS Information.
Whereas attempting to tie in Kwon’s sick intent in prepaying the regulation agency, prosecutors consider that the knowledge will assist in the continued fraud case. As well as, Kim & Chang’s legal professionals visited Montenegro to satisfy with Kwon and Terraform’s former chief monetary officer, Han Chang-joon.
Beforehand, Kwon was arrested at Podgorica airport in Montenegro after attempting to fly to Dubai utilizing pretend paperwork. Following his arrest, each United States and South Korean authorities have sought Kwon’s extradition. Nonetheless, the court docket is but to determine.
On April 7, it was revealed that South Korean prosecutors suspected Kwon of changing illicit funds from Terra (LUNA) to Bitcoin (BTC). The prosecutors requested Binance to halt all withdrawal requests linked to Kwon.
In whole, prosecutors recognized 414.5 billion received ($314.2 million) in illicit belongings related to Terraform Labs co-founder Kwon and his associates, out of which about 91.4 billion received ($69 million) is reportedly straight linked to Kwon.
“We offered Korean LE authorities with the requested help. Since we can not touch upon ongoing LE investigations, for any additional remark, please attain out to the prosecutors,” mentioned a Binance spokesperson, talking to Cointelegraph concerning the matter.