- Luna transferred $7 million to Korean regulation agency, Kim & Chang, earlier than it imploded.
- Terra’s CEO is believed to have ready authorized responses earlier than the collapse.
- Prosecutors are investigating whether or not fees of embezzlement will be pursued.
A brand new discovery has come to gentle following investigations into the occasions main as much as the implosion of Terraforms Labs (TFL) blockchain initiatives final 12 months.
In accordance with an area report, prosecutors who tracked the movement of funds from TFL’s Singapore headquarters found that round 9 billion gained, or practically $7 million, had been handed over to the highest regulation agency. from Korea, “Kim & Chang”, simply earlier than the crash.
Prosecutors at the moment are on the lookout for the supply of the cash, suspecting embezzlement fees may apply if the corporate is discovered to have cashed in cash.
Moreover, the timing of the switch is being scrutinized as it’s believed that CEO Kwon Do-Hyung might have been conscious of the potential for the collapse and ready authorized responses accordingly, which can additional help the allegations of fraud in opposition to him.
The report notes that though Kim & Chang declined to reveal the title underneath which the funds got here, prosecutors imagine the cash can nonetheless be collected and held though it was disguised as a authorized response.
A report launched earlier this week revealed that Terra was being investigated over allegations of fraud and embezzlement of 414.5 billion Korean WON, the equal of $350 million. CEO Dohyung and the corporate’s administration crew are accused of deceiving traders and elevating billions by means of the ill-fated LUNA and UST.
It’s estimated that round 200,000 folks purchased Terra Luna and misplaced cash because of the collapse, which CEO Kwon didn’t compensate.
Notably, the prosecution speculated that Dohyung made a prison revenue of KRW 91.4 billion or $81 million, transformed a good portion of his property into digital currencies akin to , and transferred them to exchanges. property overseas.
In the meantime, Shin Hyun-Seong, a co-founder, reportedly raised $137 million, whereas the opposite seven Terra staff have been accused of sharing $150 million.
Investigation finds Terra LUNA despatched $7 million to a regulation agency earlier than the collapse first appeared on Coin Version.
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