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South Korean prosecutors have confirmed that Terraform Labs CEO Do Kwon despatched $7 billion to Kim & Chang, a prime South Korean legislation agency, simply earlier than the collapse of the Terra ecosystem. The prosecutors consider that Kwon’s choice to ship the funds was a deliberate transfer that allegedly reaffirmed his consciousness of the approaching collapse and anticipated authorized issues. The legislation agency’s attorneys additionally visited Montenegro to fulfill with Kwon and Terraform’s former CFO, Han Chang-joon.
Kwon was beforehand arrested at Podgorica airport in Montenegro after making an attempt to fly to Dubai utilizing pretend paperwork. Each United States and South Korean authorities have sought Kwon’s extradition, however the court docket has but to determine. On April 7, South Korean prosecutors suspected Kwon of changing illicit funds from Terra (LUNA) to Bitcoin (BTC) and requested Binance to halt all withdrawal requests linked to Kwon.
In whole, prosecutors recognized $314.2 million in illicit property related to Terraform Labs co-founder Kwon and his associates, out of which about $69 million is reportedly instantly linked to Kwon. The knowledge relating to Kwon’s switch of $7 billion to the legislation agency is predicted to assist in the continued fraud case towards him and his associates.
The allegations towards Kwon and his associates spotlight the dangers related to cryptocurrency investments and the significance of transparency and accountability within the administration of cryptocurrency tasks. The case additionally highlights the function of legislation enforcement businesses in investigating and prosecuting monetary crimes within the cryptocurrency trade.
The end result of the continued fraud case towards Kwon and his associates could have vital implications for the cryptocurrency trade, notably in South Korea, the place regulatory authorities have been cracking down on unlawful actions within the sector. It stays to be seen how the case will unfold and what impression it’s going to have on the way forward for Terraform Labs and the broader cryptocurrency ecosystem.
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