Do Kwon Lawyers Received $7 million Before Terra Collapse: Report

Do Kwon, the CEO of Terraform Labs, transferred 9 billion won ($7 billion) to Kim & Chang, a prestigious South Korean legal firm, just before the stunning collapse of the Terra ecosystem, according to South Korean authorities. 

According to KBS News, Kwon’s choice to pay millions of dollars to the law firm was viewed by prosecutors as a planned action that reportedly underlined his understanding of the approaching collapse and anticipated legal issues.

Prosecutors hope that the material will aid in the current fraud prosecution while attempting to connect Kwon’s malice in prepaying the legal team. In addition, Kwon and Terraform’s former CFO, Han Chang-joon, was met by Kim & Chang’s attorneys on their trip to Montenegro.

Kwon was previously detained at the airport in Podgorica, Montenegro, after attempting to board a flight to Dubai using forged credentials. Both American and South Korean officials have requested Kwon’s extradition since his detention. The court has not made a decision, though.

On April 7, it was made public that Kwon was under investigation by South Korean authorities for allegedly converting illegal cash from Terra $1.42 to Bitcoin $30,483. Binance was asked by the prosecution to stop any withdrawal requests related to Kwon.

Prosecutors discovered illegal assets worth 414.5 billion won ($314.2 million) connected to Terraform Labs co-founder Kwon and his collaborators, of which 91.4 billion won ($69 million) is purportedly directly connected to Kwon.

“We offered the support that the Korean LE authorities asked. We are unable to comment on active LE investigations, so if you have any more questions, please contact the prosecutors, a Binance representative told Cointelegraph.