Keep up with what's happening in the crypto world in real-time.
All Filters (1)
Terraform Labs co-founder Do Kwon faces a possible embezzlement charge after a Korean law firm confirms he paid them $7 million before the Terra collapse.
Fugitive and Terraform Labs founder Do Kwon paid $7 million to South Korean law firm Kim & Chang before Terra wiped out $40 billion from the market in May 2022.
According to a Bloomberg report, South Korean prosecutors are now investigating the crypto mogul and founder of Terraform Labs, Do Kwon, for allegedly transferring funds to a local law firm just before the tokens he created suffered a US$60 billion wipeout, causing significant disruption in the digital-asset sector.
After enduring a series of bearish sentiments, Terra Classic (LUNC)- the original chain of the collapsed Terra (LUNA) ecosystem – is currently seeking a new lease on life in the crypto sphere. The community behind Terra Classic has implemented various measures to enhance the token's utility, and investors are keeping a close eye on LUNC's price in the days ahead to gauge its potential performance.
Prosecutors have revealed that Terraform Labs co-founder, Do Kwon, sent a payment of 9 billion won ($7 million) to a Korean law firm named Kim & Chang just before the collapse of the TerraUSD algorithmic stablecoin and Luna token.
Terradorm Labs' Co-Founder supposedly sent almost $7 million to Kim & Chang before the LUNA/UST meltdown.
Terra Luna Classic community votes on a key parameter change proposal to expand a Terra project on Terra Classic. While the Terra Luna Classic seeks projects to bring back utility and boost LUNC burns, the latest project needs an increase in MaxContractSize to properly upload its contract on the chain.
After Kwon was arrested, the prosecutors indicated that he had paid the law firm before the collapse.
South Korean prosecutors confirmed a report that Kwon sent $7 million to a local law firm in the months leading up to his venture's dramatic fall.
South Korean prosecutors have revealed that Hyung Do Kwon, the disgraced crypto entrepreneur behind the $60 billion Terra token collapse, transferred $7 million to Kim & Chang law firm shortly before the implosion of TerraUSD and Luna tokens.
South Korean prosecutors confirmed that Terraform Labs CEO Do Kwon sent $7 billion to a top South Korean law firm, Kim & Chang, right before the collapse of the Terra ecosystem. The prosecutors believe that Kwon's decision to send the funds was a deliberate move that allegedly reaffirmed his awareness of the impending collapse and anticipated legal problems.
Prosecutors investigating failed blockchain firm Terraform Labs have found out that its Singapore office sent millions of U.S. dollars to lawyers just before the crash of its cryptocurrencies. According to Korean media, the transfers suggest that co-founder Do Kwon was aware of the imminent collapse.
South Korean prosecutors have established a connection between the dramatic downfall of the Terra ecosystem and a 9 billion won ($7 million) payment made by Terraform Labs CEO, Do Kwon, to Kim & Chang, a leading South Korean law firm.
Terraform Labs CEO, Do Kwon, sent millions to a South Korean law firm right before the company's collapse. Prosecutors believe Kwon's actions were deliberate and prove his awareness of the impending collapse and anticipated legal problems.
The designer of the Terra blockchain platform, which is no longer operational, has been targeted by the US Securities and Exchange Commission in a securities fraud lawsuit. The lawsuit claims that Do Kwon, co-founder of Terraform Labs, participated in a deceitful scheme that resulted in the loss of at least $40 billion in market value.
The Terra Classic community witnessed a drama in voting related to Proposal 11459 by the Terra Rebels developer group. The proposal by the prominent developer group was almost passed, but validator Allnodes, with 15% voting power, voted “No” on the proposal and turned the tables for Terra Rebels.
While trying to tie in Kwon's ill intent in prepaying the law firm, prosecutors believe that the information will help in the ongoing fraud case.
Crypto News: The arrest of Terraform Labs Co-founder Do Kwon in Montenegro is unraveling interesting wherabouts from behind the scenes of the collapse almost 10 months later. According to latest reports, concrete proof is emerging to believe that Kwon knew beforehand about the collapse of the network.
For reasons good and bad, Do Kwon's fortunes are too closely tied to the fortunes of Terra LUNA Classic
With the departure of core developer Ed Kim and the removal of Tobias “Zaradar” Andersen from the Joint L1 Task Force developer team has left Terra Luna Classic and the LUNC community in limbo. The Joint L1 Task Force, founded by Kim and Zaradar, oversees the development, updates, and maintenance of the Terra Classic blockchain.
According to a KBS News post, Korean prosecutors have confirmed that Do Kwon, CEO of Terraform Labs, sent 9 billion won ($7 Million USD) to Kim & Chang, the largest law firm in Korea, just before the crash.
These cryptos to avoid are lackluster bets, offering little upside potential in the upcoming crypto bull run.
The collapse of Terra continues to reverberate in Do Kwon's homeland, but there are signs of progress, CoinDesk's Emily Parker reports.
The most promising DeFi project of Terra Classic (LUNC), Terraport Finance, reported a hack of its Terraport liquidity wallet on Monday. In a tweet, the team shared that a hacker siphoned liquidity from Terraport Finance.
