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Do Kwon Retained Law Firm in South Korea Before Terra's Collapse: Report
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.
Do Kwon sent funds to a South Korean law firm just before the collapse of Terraform Labs, the crypto platform he founded, according to a Bloomberg report citing prosecutors in the country.
South Korea's KBS News reported Kwon sent 9 billion won ($7 million) to law firm Kim & Chang, which included a payment just ahead of the collapse of the Terra ecosystem in May 2022. South Korean prosecutors said the report “isn’t false,” in a Monday text message to Bloomberg.
STORY CONTINUES BELOW
Kim & Chang told Bloomberg that the law firm was "unable to provide specifics on individual cases.”
“We have conducted our legal advisory services as usual and have legitimately received the fee for the services,” the firm told Bloomberg.
The South Korean prosecutors' office and Kim & Chang didn't immediately respond to CoinDesk's request for comment.
South Korea and the U.S. have requested the extradition of the Terraform Labs CEO after his recent arrest in Montenegro. Kwon is facing criminal charges in both countries after his $60 billion crypto ecosystem came crumbling down, hurting the industry globally.
Read More: As Justice Is Sought for Do Kwon, South Korea’s Crypto Scene Emerges From Terra’s Shadow
Amitoj Singh
Amitoj Singh is a CoinDesk reporter focusing on regulation and the politics shaping the future of finance. He also presents shows for CoinDesk TV on occasion. He has previously contributed to various news organizations such as CNN, Al Jazeera, Business Insider and SBS Australia. Previously, he was Principal Anchor and News Editor at NDTV (New Delhi Television Ltd.), the go-to news network for Indians globally. Amitoj owns a marginal amount of Bitcoin and Ether below CoinDesk's disclosure threshold of $1,000.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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