TechFlow news: South Korean prosecutors have discovered that shortly before the collapse of Terra, Do Kwon transferred 90 billion won (approximately $7 million) to Kim & Chang, a major South Korean law firm. Prosecutors are now tracing the source of these funds.
South Korean prosecutors said this suggests Do Kwon may have anticipated the potential collapse of Terra and prepared legal countermeasures in advance. This could serve as another basis for proving Do Kwon's alleged fraud.
According to earlier reports, a spokesperson for the Seoul Southern District Prosecutors' Office said Tuesday they had frozen assets worth 7.1 billion won ($5.36 million) belonging to Do Kwon, CEO of Terraform Labs. A Seoul court is currently reviewing Do Kwon’s domestic and overseas assets for possible restitution. If approved, South Korea is expected to block Do Kwon from transferring or selling the identified assets. The funds would be confiscated following a final guilty ruling by the court. The prosecution confirmed the assets include Do Kwon’s overseas deposits, one of which is held in Switzerland, and Seoul authorities are seeking judicial cooperation.
