Do Kwon, co-founder of Terraform Labs, is under investigation in connection with the collapse of the Terra LUNA network, which caused investors to lose billions of dollars in assets. Kwon was arrested in Montenegro on March 23, 2023 and is facing extradition requests from both South Korea and the United States. Recent reports suggest that Kwon may have been aware of the network’s impending collapse as he transferred $7 million to a South Korean law firm just before the incident occurred. Here are the details…
Did Do Kwon predict the Terra LUNA collapse?
According to Bloomberg’s report, Kwon transferred the funds to Kim & Chang, a respected South Korean law firm, before the Terra/Luna collapse on May 9, 2022. The transfer of funds to lawyers just before the collapse indicates that Kwon was aware of the legal issues that would follow. The law firm also sent lawyers to Montenegro to meet with Kwon and Terraform’s former chief financial officer, Han Chang-joon. The reason for the meeting remains unclear, but it’s likely related to Kwon’s legal status.
Kwon is accused of orchestrating a cryptocurrency scam that wiped out billions of dollars worth of value in the crypto market. The US and South Korea are facing similar charges, and both countries are seeking his extradition. South Korean prosecutors are investigating Kwon’s transaction with Kim & Chang as part of their fraud case against him. Singapore law enforcement is also investigating the source of funds sent to the law firm. If Kwon liquidates illegal cryptocurrency holdings to pay lawyers, he could be charged with embezzlement. Authorities from both Singapore and South Korea are trying to seize the funds.
What will happen now?
As a result, the situation surrounding Do Kwon and Terraform Labs is complex and continues to evolve. The investigation into Kwon’s alleged fraud and Terra and Luna’s downfall continues, and more details may emerge as the case progresses. The judge in Montenegro will ultimately decide whether Kwon is extradited to the United States or South Korea, but if Kwon is found guilty of traveling with false documents, he may first have to serve a prison sentence in Montenegro.
cryptocoin.com As we have also reported, the collapse of the Terra/Luna network in May 2022 wiped out about 500 billion dollars from the crypto market, causing investors to experience significant losses. The event lasted for several months and the network was finally shut down in October 2022. Kwon’s arrest in Montenegro has revealed interesting details about the incident, and authorities are working to bring Kwon to justice, who is believed to be responsible for the fraud.
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