As per reports, South Korean prosecutors mentioned that Do Kwon, CEO, Terraform Labs, transferred 9 billion ($7 billion) to Kim & Chang, South Korean law organization, before the failure of the Terra ecosystem, stated Cointelegraph.
Sources revealed that Kwon’s decision for sending millions to the law organizations was intentional and he was already aware of the collapse and the expected legal problems, commented KBS News, Cointelegraph highlighted.
As reported by Cointelegraph, on April 7, 2023, the South Korean prosecutors suspected that Kwon was converting illegal funds from Terra to Bitcoin. Reportedly, the prosecutors asked Binance to pause all transactions related to Kwon.
“We provided Korean LE authorities with the requested assistance. Since we cannot comment on ongoing LE investigations, for any further comment, please reach out to the prosecutors,”a Binance spokesperson told Cointelegraph.
(With insights from Cointelegraph)