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The former cryptocurrency executive – Do Kwon – is reported to have transferred 9 billion won (around $6.9 million) to the law firm Kim & Chang shortly before the collapse of Terra last spring.
The 31-year-old South Korean was apprehended last month in Montenegro after allegedly altering his locations over the preceding months. A trial will assess whether he was involved in the fallout of LUNA/UST.
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- As reported by Bloomberg, South Korean prosecutors indicated that the recent claims regarding Kwon transferring funds to Kim & Chang just prior to the notorious crash “isn’t false.”
- Conversely, the law firm was hesitant to disclose further information on the issue:
“We are unable to provide specifics on individual cases. We have conducted our legal advisory services as usual and have legitimately received the fee for the services.”
- Various agencies and regulators, along with prosecutors, have accused Terraform Labs’ Co-Founder – Kwon – of being the primary figure behind the infamous collapse of the native token – LUNA – and the algorithmic stablecoin – UST – in May 2022.
- In addition to the significant losses suffered by investors, the $60 billion loss led some individuals to take their own lives. Despite the critical nature of the situation, Kwon did not engage with the relevant authorities at that time and allegedly fled his country to evade a court trial.
- His location remained undisclosed for nearly a year, with Dubai, Singapore, Russia, and Serbia being among the speculated places. He was ultimately arrested in March 2023 at the Podgorica airport (the capital of Montenegro).
- While local judges mandated that Kwon remain in custody on domestic soil for a prolonged period of 30 days, his legal representatives pledged to contest the ruling.
- Both the USA and South Korea have sought his extradition, and it is still uncertain where he will face legal proceedings.
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