Daniel Shin and Do Kwon, co-founders of Terra – Credit: Terraform Labs
The South Korean authorities have confirmed a report according to which Do Kwonthe founder of Terraform Labspoured 7 million dollars to his law firm before theimplosion of the ecosystem Terra.
On Monday, the Seoul prosecutor’s office said that Do Kwonwhose escape ended last month, had sent funds to his law firm before the stablecoin launched by his startup UST and the cryptocurrency LUNA do not collapse, reports Bloomberg.
Last week, the local media KBS News reported that the head of Terraform had sent 9 billion won (about 7 million dollars) to the firm Kim & Chang – some of them just before the tragedy. The report “is not false”, said the South Korean government.
We have conducted our legal services as usual and have legitimately received the fees for the services,” said Kim and Chang.
Late March, Do Kwon was finally caught up in Montenegro. The Terraform leader is now facing charges in South Korea and also in the United States. He will first be tried in Montenegro before being extradited.
Nearly 40 billion dollars went up in smoke following the Terra ecosystem crash last year, which subsequently triggered several large-scale bankruptcies, including 3AC.
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