Claim BonusDo Kwon Knew About Terra Luna Collapse Beforehand; Here’s Proof
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. The incident wiped out billions of dollars worth value and investor money from the crypto market over a crisis that dragged for several months in 2022. In fact, the Terra co-founder appears to have anticipated legal issues surrounding the shock collapse.
Also Read: Elon Musk Plans To Take On Google’s Bard & ChatGPT With New AI Startup
Following his arrest in Montenegro, authorities of South Korea and United States are seeking Kwon’s extradition. He was arrested on March 23, 2023 in Podgorica, Montenegro.
Do Kwon Transferred Funds Before Terra Collapse
According to a Bloomberg report, Kwon sent around $7 million to a reputed South Korean law firm before the Terra collapse unfolded on May 9, 2022, erasing almost $500 billion from the crypto market. This could be a huge revelation that could aide in the investigation, as money transfer to lawyers just before the collapse suggests he was well aware of it. In fact, the lawyers from Kim & Chang were on a trip to Montenegro recently to meet with Kwon and Terraform former chief financial officer, Han Chang-joon, the report said.
The Terra founder is facing charges of orchestrating a cryptocurrency fraud both in the US as well as South Korea. Also, investigators would be looking at the source of the funds he transferred to the law firm.
Also Read: This SEC Commissioner Wants To Redefine ‘Exchange’; Will It Save Crypto In US?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Germany’s DZ Bank Gets MiCAR Approval to Offer Institutional Bitcoin, Cardano Trading
- CLARITY Act Enters Critical Phase as Senate Committee Sets January 27 Markup
- Senator Warren Tells OCC to Stop World Liberty Bank Review Amid Trump Ties
- Bitcoin Rises to $94k as Trump Signals Alternatives Ahead of Supreme Court Tariffs Ruling
- Rick Rieder’s Fed Chair Odds Rise as BlackRock CIO Calls for Rates to Fall to 3%
- Standard Chartered Predicts Ethereum Price could reach $40,000 by 2030
- Bitcoin Price Eyes $100k as Core US Inflation Slips Ahead of CLARITY Act Markup
- Why Is MSTR Stock Price Down Despite Recent Bitcoin Purchase
- Pi Coin Price Prediction: How Mainnet Migration and New Tokens Supply Could Affect Pi Network?
- Crypto Stocks To Watch: MSTR, Metaplanet, and S&P 500 price
- Solana Price Targets $200 as WisdomTree Declares Its Dominance Structural
