A latest investigation revealed that Terra co-founder was preparing himself in advance to fight against legal hurdles ahead of Terra’s token meltdown probabilities.
Terraform Labs is an engineering team behind Terra blockchain. Luna & TerraUSD were two stablecoins on the Terra blockchain network and both tokens were connected via a protocol, to maintain the value of each TerraUSD token equal to $1. In May 2022, Luna & TerraUSD collapsed to nearly zero value.
At the present time, the South Korean enforcement agencies are investigating Terraform Labs co-founder Do Kwon. A recent report confirmed that Kwon already knew that Terra project would collapse and to defend himself in that situation he already transferred 9 billion won ($7 million) to Kim & Chang — a top South Korean law firm.
Investigators believe that such information will surely help to find other parts of this big crypto fraud.
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Kwon arrests in Montenegro
In late March of this year, Kwon was arrested by local police authorities in Montenegro. Police noted that Kwon was easily running in the country on behalf of fake ID documents and before arrests he was trying to go to Dubai.
Later investigation also found that Kwon was running a consultant company in Montenegro, which was registered to him in late 2022.
In the present time, South Korean prospectors are also trying to collect all the illegal funds linked with Kwon & other Terra project leaders.
Reportedly prosecutors ordered the Binance crypto exchange to freeze all the funds linked with Kwon & don’t provide a cash-out facility.
So far, prospectors noted that 414.5 billion won ($314.2 million) funds are linked with the Terra project, and $69 million are directly owned by Kwon.
Luna coin future
After the downfall of the Luna coin, Terraform launched a new Luna coin & renamed the real Luna coin to Lunc Coin.
At present, few people in the crypto sector are helping Lunc coin to remain active in this crypto sector. Also the Binance exchange proposed several initiates to burn the supply of Lunc coins.
Read also: Scammers claim Crypto exchange Uniswap exploited (Scam Alert)
Do Kwon was already aware of Terra (Luna) empire downfall possibilities: Report
https://bitcoinik.com/do-kwon-was-already-aware-of-terra-luna-empire-downfall-possibilities-report/feed/
https://bitcoinik.com/do-kwon-was-already-aware-of-terra-luna-empire-downfall-possibilities-report/feed/
