The $7M Transfer Do Kwon Reportedly Made To Law Firm Just Before Terraform Labs' Downfall

Do Kwon, founder of Terraform Labs, allegedly transferred 9 billion won ($7 million) to South Korean law firm Kim & Chang just before the collapse of the crypto platform in May 2022, according to a new report.

Kim & Chang has not provided details about the specific case but stated that it conducted its services as usual and received payment for them, Bloomberg reported.

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South Korean prosecutors acknowledged the validity of this report in a text message sent to Bloomberg on Monday, the report said. 

Kwon was arrested in Montenegro recently, and both South Korea and the United States are seeking his extradition.

The CEO of Terraform Labs is facing criminal charges in both countries after the collapse of his company's $60-billion crypto ecosystem, which has had significant repercussions for the global cryptocurrency industry.

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