- Luna transferred 7 million USD to the Korean regulation agency Kim & Chang earlier than it collapsed.
- Terra’s CEO is suspected of getting ready authorized responses earlier than the collapse.
- Prosecutors are wanting into whether or not embezzlement fees could also be filed.
Analysis into the occasions main as much as the explosion of Terraforms Labs’ (TFL) blockchain tasks final yr has made a brand new discovery.
In response to an area report, prosecutors monitoring the circulation of funds from TFL’s headquarters in Singapore discovered that about 9 billion gained, practically $7 million, had been transferred to Kim & Chang, Korea’s most well-known regulation agency, shortly earlier than the crash.
Prosecutors have now revealed the supply of the cash, suspecting embezzlement fees if it seems the corporate cashed within the cash.
The timing of the transfer can also be underneath scrutiny, as CEO Kwon Do-Hyung is believed to have been conscious of the potential collapse and accordingly ready authorized responses that would additional assist the fraud allegations in opposition to him.
The report famous that whereas Kim & Chang declined to disclose the identify underneath which the funds had been obtained, prosecutors imagine the cash might nonetheless be collected and stored, even when it was disguised as a authorized response.
A report launched earlier this week revealed that Terra is underneath investigation for alleged fraud and a $414.5 billion loss. Korean WON equal to 350 million CEO Dohyung and the corporate’s administration group are accused of defrauding traders and raking in billions via the ill-fated LUNA and UST.
An estimated 200,000 folks purchased Terra Luna and misplaced cash as a result of collapse, with no compensation from CEO Kwon.
Notably, the indictment theorized that Dohyung obtained 91.4 billion gained. KRW or 81 million USD legal income, transformed a big a part of their belongings into digital currencies comparable to , and transferred them to overseas asset exchanges.
On the similar time, Shin Hyun-Seong, one of many founders, collected $137 million, whereas the remaining seven workers of Terra had been accused of sharing $150 million.
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