Mystery Revealed: Did Kwon Know Terra Would Collapse?

South Korean prosecutors have revealed that Hyung Do Kwon, the disgraced crypto entrepreneur behind the $60 billion Terra token collapse, wired $7 million to law firm Kim & Chang shortly before the TerraUSD tokens implosion. and Moon. This recent discovery suggests that Kwon may have foreseen the legal problems that would arise from the failure of his cryptocurrency project.

Funds transferred before the Terra token collapse

According to a KBS News report, Kwon transferred funds to the law firm just before the massive collapse of the tokens he developed. The Seoul prosecutor’s office confirmed the accuracy of the report, which highlights the timing of the payment to the law firm as a possible indicator that Kwon may have predicted the legal difficulties his cryptocurrency project was facing.

Law firm claims the legality of the fees received

When questioned about the report, Kim & Chang stated that they could not provide specific information on individual cases, but stated that they had performed their legal advisory services as usual and legally received fees for services rendered.

Kwon’s Legal Troubles: New Information Surfaces!

Kwon, arrested in Montenegro last month, faces fraud charges by US prosecutors and additional charges in South Korea for violating capital markets law. He was detained along with former Terraform Labs CFO Han Chang-joon, and he is expected to be extradited to the US or South Korea soon.

South Korean prosecutors hope the discovery of Kwon’s transfer to the law firm will contribute to the ongoing fraud case against him. Almost a year has passed since the collapse of Terra, which occurred in May 2022.

Also Read: Terra 2.0 (LUNA) Price Prediction – 2023, 2024, 2025, 2026 – 2030