The data transferred by South Korean Prosecutors was on the agenda of the crypto money market like a bomb. South Korean prosecutors have revealed that Hyung Do Kwon, the crypto entrepreneur behind the $60 billion Terra (LUNA) collapse, transferred $7 million to the Kim & Chang Law Firm shortly before the TerraUSD and LUNA coins exploded. This latest development suggests that Do Kwon may have foreseen the legal issues that would arise due to the collapse prior to the LUNA collapse! So, what’s behind the event? Here are the details…
Experts explained: Did Do Kwon know about the Terra (LUNA) collapse?
Kwon transferred funds to the law firm just before the massive collapse of the tokens he was developing, KBS News reported. The Seoul prosecutor’s office has confirmed the veracity of the report, which highlights the timing of the payment to the law firm as a possible indication that Kwon may have anticipated the legal challenges facing the cryptocurrency project. When asked about the report, Kim & Chang confirmed that they cannot provide specific information on individual cases, but that they are providing legal advice as usual and are legally charged for their services.
Kwon, who was arrested in Montenegro last month, faces additional charges from US prosecutors for alleged fraud and violating capital markets law in South Korea. Kwon, who was detained along with Han Chang-joon, the former CFO of Terraform Labs, is expected to be extradited to the United States or South Korea soon. South Korean prosecutors hope that the revelation of Kwon’s transfer to the law firm will add to the ongoing fraud case against him. Almost a year has passed since Terra’s collapse in May 2022, and many crypto investors have lost their fortunes. With the bad things happening to many investors, experts are keeping a close eye on what’s going to happen for Do Kwon in the future.
So what happened?
The cryptocurrency market faced a major crash on May 11, 2022 last year. cryptocoin.com As we have reported, Terra’s stablecoin project, TerraUST, was reset last year by losing its stablecoin to the dollar. However, many investors lost a large portion of their wealth. However, the rapid collapse from $80 to $0 in the platform’s native coin, LUNA, has caused many investors to blame Do Kwon. As you may remember, with this collapse, there was a great decrease in confidence in the crypto money market.
Many investors and officials think that Do Kwon is running his illegal business with LUNA. This became even more certain when Kwon was arrested at Podgorica airport in Montenegro while trying to fly to Dubai with false documents. After his arrest, both the US and South Korean authorities requested Kwon’s extradition, although the court has yet to make a decision.
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