- CEO Do Kwon despatched $7 million to Kim & Chang earlier than the ecosystem collapsed, prosecutors confirmed.
- Kim & Chang was additionally Oxy’s authorized consultant within the notorious poisonous humidifier sanitizer case.
- Greater than 200,000 Terra Luna traders are nonetheless awaiting compensation.
In a stunning revelation, South Korean prosecutors have confirmed that Terraform Labs CEO Do Kwon despatched 9 billion received ($7 million) to a prime South Korean regulation agency, Kim & Chang. , simply earlier than the Terra ecosystem collapsed. As reported by KBS Information, prosecutors say the transfer signifies Kwon is conscious of the approaching collapse and anticipated authorized points.
In a stunning twist, it was revealed that Kim & Chang was additionally Oxy’s authorized consultant within the notorious humidifier sanitizer case, in accordance with the identical KBS report. The regulation agency obtained 9.5 billion received ($7.2 million) from Oxy over 4 years, elevating considerations about potential conflicts of curiosity and moral violations.
Prosecutors are reportedly investigating whether or not Kwon’s resolution to ship billions to the regulation agency was a deliberate resolution to siphon off the proceeds of crime below the guise of authorized illustration. The prosecution believes that even the cash already given to Kim & Chang might be collected and stored if discovered to be true.
In the meantime, it’s estimated that round 200,000 individuals who purchased Terra Luna earlier than and after the crash misplaced cash, and Kwon has but to compensate them with a single penny. Because the investigation continues, many are eagerly awaiting additional particulars concerning the scandal and its potential fallout. The story has already despatched shockwaves all through the monetary neighborhood, and it stays to be seen what influence it should have on the broader cryptocurrency business.
Kwon was beforehand detained at Podgorica airport, Montenegro, after he tried to board a flight to Dubai utilizing false credentials. US and South Korean officers have sought Kwon’s extradition since his detention. Nevertheless, the courtroom didn’t situation a choice.
Terra CEO job despatched $7 million to regulation agency earlier than collapse, prosecutors verify appeared first on Coin Version.
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