South Korean Prosecutors Reveals Do Kwon Sent Funds to Local Law Firm before TerraUSD’s Fall

2023-4-17 14:03

Coinspeaker
South Korean Prosecutors Reveals Do Kwon Sent Funds to Local Law Firm before TerraUSD’s Fall

As the legal battle between Do Kwon and South Korean prosecutors continues, the prosecutors stated that the CEO of Terraform Labs Do Kwon transferred some money to a law firm before TerraUSD and Luna crumbled. There are reports about the crypto entrepreneur sending 9 billion won ($7 million) to local law firm Kim & Chang just before the demise of the tokens he created. Do Kown is the South Korean CEO and co-founder of TerraForm Labs, the parent company of fallen TerraUSD and Luna. Coincidentally, the assets of the same company crashed in May 2022. The unfortunate incident cost the crypto industry billions of dollars, beginning with a nearly $45 billion loss in a week. As a result, Kwon is facing legal charges from citizens from the US, Singapore, and its home country South Korea. As he faces legal and social pressure concerning his involvement in the dramatic event, the CEO was apprehended on March 23, 2023. The arrest occurred in Montenegro while the entrepreneur was trying to travel to Dubai with falsified documents.

Do Kwon Paid Law Firm Before Terra’s Collapse

After Kwon was arrested, the prosecutors indicated that he had paid the law firm before the collapse. They also added that the news “isn’t false.” The timing of the payment to the law firm signifies that Kwon anticipated he could need legal help before things actually fell apart. When queried about the payment from Kwon, the law firm wrote in a text message:

“We are unable to provide specifics on individual cases. We have conducted our legal advisory services as usual and have legitimately received the fee for the services.”

While Kwon remained detained in South Korea, a court recently revealed that he has no property that can be seized in the country. Officials have identified around 91.4 billion in digital assets linked directly to Kwon. The crypto entrepreneur reportedly converted proceeds from Terra Luna to Bitcoin via foreign crypto exchanges. Hence, authorities have ordered popular crypto company Binance to suspend further withdrawals linked to Kwon and his associates. Notably, South Korean officials found about 414.5 billion won ($314.2 million) in illegal assets connected to Kwon and his associates. Meanwhile, Binance has assured that it is cooperating with prosecutors on the said matter.

“We provided Korean LE authorities with the requested assistance. Since we cannot comment on ongoing LE investigations, for any further comment please reach out to the prosecutors.”

Many believe that other revelations about Kwon will spring up in addition to the funds sent to the local firm. The fact that he sent the money before the collapse indicates that he sensed that the downfall was coming. A US grand jury has also charged him with eight counts, including wire fraud, conspiracy, securities fraud, commodities fraud, etc.

next

South Korean Prosecutors Reveals Do Kwon Sent Funds to Local Law Firm before TerraUSD’s Fall

Similar to Notcoin - Blum - Airdrops In 2024

origin »

North Korean Won (KPW) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 KPW

law firm kwon prosecutors terrausd fall korean

law firm → Результатов: 126


KodakOne Crypto Project Contractors and Developers Yet to be Paid $100,000 USD Owed Allegedly

KodakOne, a crypto project backed by the photography appliances producer Kodak is apparently being sued by contractors and outsourcing agency for unpaid invoices that reached more than $125,000. TheNextWeb breaks the story that in a series of email exchanges between contractors, outsourcing agency along with its representing law firm, and KodakOne, a group of contractors […]

2018-11-21 18:45


Фото:

Former CFTC Enforcement Lawyer Joins Perkins Coie Global Law Firm

Perkins Coie, the Washington-based international law firm that represents highly reputed organizations across a vast range of industries, has hired Kari Larsen, a former enforcement lawyer at the U. S Commodity Futures Trading Commission (CFTC), to its Blockchain Technology & Digital Currency industry group and Investment Management practice, according to a press release  by the firm on November 6, 2018.

2018-11-9 18:00


Фото:

FINRA Targets Cryptocurrency Firm Marketing HempCoins for Selling Unregistered Securities

Financial regulators in the United States are now taking steps to ensure that firms engaged in cryptocurrency-related activities operate within the confines of the law. In a recent move, the Financial Industry Regulatory Authority (FINRA) is accusing Rocky Mountain Ayre President Timothy Tilton Ayre of selling unregistered securities in connection with the company’s sale of […] FINRA Targets Cryptocurrency Firm Marketing HempCoins for Selling Unregistered Securities was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

2018-9-17 13:24


Юридическая фирма готовит еще один коллективный иск против Ripple

Международная юридическая компания Rosen Law Firm сообщила о ведении расследования против Ripple Labs, Inc и XRP в пресс-релизе от 7-го августа. Юридическая фирма Rosen Law подтвердила, что готовит коллективных иск от инвесторов и изучает, не нарушила ли компания Ripple Labs законы о ценных бумагах при продаже XRP токенов.

2018-8-9 17:49


BANKEX opens the way to get citizenship via cryptocurrency investment

30 July 2018, New York- BANKEX,  in association with the MIGRONIS KFT immigration company, the MDL Legal Services PLLC law firm, and in cooperation with the Designated Agency of Vanuatu, has launched a new service which allows persons applying for the Vanuatu citizenship-by-investment program to make the required investment for citizenship via cryptocurrency (Bitcoin or Ether). […]

2018-8-1 23:36


Фото:

VanEck Letter To SEC Details ‘Appropriate’ Answers To Bitcoin ETF Worries

Investment management firm VanEck has lobbied the US Securities and Exchange Commission (SEC) in a fresh attempt to interest the regulator in authorizing a Bitcoin exchange-traded fund (ETF). VanEck: Proposed ETF ‘Consistent’ With Law In a letter dated July 20, VanEck, which earlier this month announced it planned to collaborate with fellow operator SolidX to launch a fund, reiterated its belief that the industry was both ready and able to support it.

2018-7-24 19:00