Do Kwon Paid His Lawyers $7M Ahead of Terra Collapse

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Do Kwon, the crypto developer and co-founder of Terraform Labs is still under the intense radar of several countries’ investigators. Just recently, South Korean prosecutors revealed that the CEO sent about 90 billion won which is worth about $7 billion to a South Korean law firm – Kim and Chang before the collapse of the Terra system.

As per a local media report, the move appears to be a calculated one, which affirms the CEO’s prior knowledge of an impending collapse of the Terra-Luna ecosystem. Prosecutors believe that Do Kwon was aware of the collapse of its company beforehand, and prepared for the legal responses ahead. As such, the prosecutors are doing everything possible to track where the money came from as remittance started just before the crash.

To further buttress the Prosecutors’ claim, the report also revealed that lawyers from the law firm held a meeting in Montenegro with Do Kwon and Han Chang-joon, the ex-CFO of Terraform Labs. Prosecutors are now looking to use the information of the prepayment to establish and build their fraud case against Do Kwon.

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In 2018, Terraform Labs released the Terra ecosystem, a blockchain-powered payment platform. However, after reaching a record peak in November 2021, its cryptocurrency LUNA experienced a notable decline, causing instability in Terraform’s system and ultimately resulting in a significant collapse of the ecosystem.

Do Kwon Allegedly Converted Stolen Funds to BTC

Recall that a few days ago, the South Korean authorities also revealed that Do Kwon and his colleagues are linked to criminal assets worth about 414.5 billion won (around $314.2 million). Although the CEO has accumulated millions, not a single asset connected to him is accessible or in control of the South Korean government.

According to a report from local media source KBS, this is probably due to the fact that the now-arrested former CEO allegedly used foreign cryptocurrency exchange platforms to transfer the majority of the stolen assets into Bitcoin (BTC) instead of making investments in tangible assets. 

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Likewise, the Seoul Southern District Prosecutor’s Office confiscated significant assets and properties of former Terra employees to avoid them from selling anything and including them in prospective legal cases

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