Terra co-founder Do Kwon has hired a lawyer to prepare for his defense against South Korea’s legal action, South Korea-based Naver reported on Aug. 17.

Kwon reportedly sent a letter appointing a lawyer to the prosecutor’s office. The report did not reveal the name of the attorney or the law firm.

The Seoul Southern District Prosecutor’s Office has been investigating various clues that led to the implosion of the Terra ecosystem. Prosecutors recently raided cryptocurrency exchanges and the homes of Terraform Labs executives.

In a recent interview, Do Kwon claimed that South Korean prosecutors had not yet filed charges against him or contacted him. However, prosecutors had issued him a “notice on arrival of him” notice.

Kwon also said that he would be completely honest with prosecutors and the courts by providing relevant facts about the accident. When asked about the possibility of going to jail, he said said“Life is long”.

South Korean police seize virtual currency to collect fines

The South Korean police have introduced the seizure of virtual currency as a means of collecting fines.

The Gunpo Police Station stated that this collection method is suitable for this period when COVID-19 remains an existential challenge.

The initiative is part of the National Police Agency’s virtual asset seizure pilot project, which analyzed the virtual asset holdings of habitual criminals with more than 1 million won in arrears.

He found a criminal who owed 2.5 million won in traffic fines but owned virtual assets worth 50 million. The report revealed that the police division seized the funds to collect overdue fines.

Due to the program, the Gunpo Police Station said that it had reached 88% of its collection target of 1 billion won for non-payment of traffic fines. It means that the station grossed approximately 880 million won in the first half of the year, its highest grossing rate in the past three years.

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