Terra Founder Do Kwon Sent Millions of Dollars to Law Firm Before Collapse of Terra – Here's What You Need to Know

Terraform Labs founder Do Kwon sent millions in funds to a local law firm in South Korea just before the implosion of the Terra ecosystem.

Kwon sent 9 billion won ($7 million) to lawyers at Kim & Chang, the largest law firm in South Korea, just before the collapse of the firm’s algorithmic stablecoin UST and its sister cryptocurrency Luna, South Korean media KBS News reported last week.

In a Monday text message, the prosecutors’ office in Seoul confirmed the report, claiming that the rev-

It is important to note that this transaction was recorded before Binance decided to move SHIB out of the innovation zone.

Binance in a recent announcement decided to move several tokens including Shiba Inu out of the innovation zone from April 18, 2023. Frax Share (FXS), Trust Wallet Token (TWT) and 1 inch (1INCH) will be part of this degradation.

It added that the Innovation Zone was introduced to make crypto exchange a safer place. However, these tokens proved their projects to meet high levels of standards.

elation “isn’t false."

The KBS report speculated that Kwon's move to send money to lawyers suggested that he was aware that he would face legal problems following the collapse of his crypto empire.

Lawyers from Kim & Chang left for Montenegro a few days ago to meet with Kwon and Terraform’s former chief financial officer, the report added.

“We are unable to provide specifics on individual cases,” Kim & Chang reportedly said in a comment when asked about the report from KBS News.

“We have conducted our legal advisory services as usual and have legitimately received the fee for the services."