Do Kwon legal team reportedly earned $7 million before Terra's collapse

By: Michael Wilson

April 17, 2023 7:26 AM

While prosecutors are attempting to link Kwon's evil purpose in prepaying the legal firm, they believe the information will aid in the ongoing fraud prosecution.

Prosecutors in South Korea verified that Terraform Labs CEO Do Kwon transferred 9 billion won ($7 billion) to Kim & Chang, a renowned South Korean legal firm, just before the Terra ecosystem's stunning collapse.

Prosecutors said Kwon's choice to pay millions to the law firm was a premeditated move that underlined his understanding of the approaching collapse and anticipated legal troubles, according→ to KBS News.

While prosecutors are attempting to link Kwon's evil purpose in prepaying the legal firm, they believe the information will aid in the ongoing fraud prosecution. In addition, attorneys from Kim & Chang traveled to Montenegro to meet with Kwon and Han Chang-joon, Terraform's former CFO.

Kwon was previously detained→ at Montenegro's Podgorica airport after attempting to fly to Dubai using forged documents. Following his detention, both the US and South Korean governments demanded Kwon's extradition. But, the court has yet to make a decision.

On April 7, South Korean authorities accused Kwon of converting unlawful funds from Terra (LUNA ) to Bitcoin (BTC). The prosecutors demanded that Binance block any withdrawal requests related to Kwon.

Prosecutors discovered 414.5 billion won ($314.2 million) in unlawful assets affiliated with Terraform Labs co-founder Kwon and his collaborators, 91.4 billion won ($69 million) of which is allegedly directly tied to Kwon.

"We gave the requested help to Korean LE officials." "Since we cannot comment on active LE investigations, please contact the prosecutors if you have any additional questions," a Binance spokesman told Cointelegraph.