blamed for the multi-billion dollar collapse at the beginning of May terra team continues to be pressed by regulators in both the US and South Korea. Some members of the Terra team, especially Do Kwon, are under investigation in both countries.
South Korean Prosecutors Reach Terra Tax Data
According to recent media reports, South Korean prosecutors conducted a search using the “National Tax Service” to secure the taxes. Prosecutors have launched an investigation into allegations of tax evasion against Terra CEO Do Kwon, according to a report shared by the district’s national news portal, SBS.
In the shared report, it was also stated that the data was provided by the joint financial and securities crime investigation team of the Seoul police. Last year, the country’s national tax service (NTS) discovered a suspicious influx of money from an overseas company created by Kwon. Suspicion had resulted in the initiation of a tax investigation at the time.
The SBS report states that NTS later said Kwon’s cryptocurrency He also found that he participated in the activities of hiding the profits from his trade. The funds were reportedly transferred from Singapore to the Virgin Islands to avoid taxes.
In addition, while prosecutors examine the documents, Do KwonIt is also among the reported news that they sought the allegation that Terra was involved in the transfer of funds. In an ongoing investigation in the US, however, the SEC found that approximately 100 billion won of company funds are embezzled each month. The funds were transferred for operating expenses a few months before the Terra network collapsed.
The SEC also has substantial evidence that the money has been transferred to a number of cryptocurrency wallets. However, it has not been clarified whether Kwon was involved in this act as he personally received any money.
Seoul police arrested a Terraform Labs employee last week, explaining that he stole 80 BTC as a matter of fact.
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