Do Kwon has a new indictment, according to which he laundered USD $4.8 million through a Korean shell company.
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- USD $4.8 million to be laundered by Do Kwon company
- New indictment adds to Terra collapse investigations
- Company “K” operated as a ghost company for Terra
More information continues to be uncovered regarding the collapse of the Earth, que no deja para nada bien parado a su creador Do Kwon.
After the collapse of the ecosystem Earth (MOON ) that caused significant losses for investors and allegations of fraud against its founder Do Kwon, Terraform Labs is once again in the public eye, this time for alleged money laundering.
According to Korean media reports, such as KBS News as well as expert users in leaks in Twitter the company allegedly laundered USD $4.8 million through a South Korean shell company in an elaborate scheme involving a “blockchain consulting company K” based in Seoul…
A former developer of Terraform Labs told the Korean media outlet that his former employer had ties to the “Company K”, operating “under a name borrowed from Terra”. According to the office staff, the workspace was also titled “Earth” in the floor plan of the building, but in the meantime it was removed.
KBS News also said that the National Tax Service discovered that Earth had transferred KRW $6 billion (about USD$4.8 million) to “Company K”, and reported it as “other expenses”. .
The complaint on Twitter
To give further strength to this information, a member ofTerra Research Forum (conocido en Twitter como FatMan ) conducted an investigation and confirmed that yes, there were indeed links between the two companies.
Specifically, it demonstrated the connection between Company K y Kernel Labs, that was supposedly established by the same people that created Terraform Labs.
In a series of tweets on May 30, FatMan gives details of this alleged procedure:
It’s time to uncover another one of Terra’s dirty little secrets… A ‘blockchain consulting firm’ they created to launder money and evade taxes. Let’s take a look at Company K. (1/8)
???? It’s time to uncover another one of Terra’s dirty little secrets… A ‘blockchain consultancy firm’ they spun up in order to launder money and evade taxes. Let’s have a look at company K. (1/8)
– FatMan (@FatManTerra) May 30, 2022
In the thread makes a link to the article published by the Korean media KSB: “Here’s a link to KBS’s coverage of the issue: they are an authoritative news source in Korea and have done some invaluable on-the-ground research. A Terra developer confirmed that Company K was being used as a shell company operated by Terra.”
Fatman adds that “ K company employees were very much in line with Terra’s employees. and often shared the same spaces. Both were incorporated in 2018. Most of Company K’s employees were Terra developers. Company K CEO Mo Kim vehemently denied any major affiliation.”
What is the “K company”?
Although the KSB media outlet didn’t name the company involved with more than a letter, the tweeter draws a conclusion. Let’s see:
“KBS didn’t disclose who the K company is… So let’s find out. As many venture capitalists will tell you, the foolproof formula for a successful company is to name it with a cool word and slap “Labs” at the end. Tell me if this site looks familiar… https://kernellabs.co”.
KBS didn’t disclose who company K is… So let’s find out. As many VCs will tell you, the surefire formula to a successful company is to name it a cool word and slap ‘Labs’ to the end. Tell me if this site looks familiar… https://t.co/OGXuGdDY6P (5/8)
– FatMan (@FatManTerra) May 30, 2022
In addition, he comments on how much it resembles the style of Earth:
¡Oye, eso se parece a los sitios de Terra! Porque están hechos exactamente por las mismas personas. Kernel Labs no ha recibido cobertura en línea en occidente, y KBS omitió el nombre: pero un sitio de noticias coreano menos conocido cubrió el enlace pero pasó desapercibido.
Keep sticking your finger in the wound: “Now, TFL is furiously trying to remove its link to Kernel Labs. On May 18, mentions of Anchor/Mirror were removed from Kernel’s site. In the T2 proposal, Do hastily removed the mention, despite implying that they partnered in the creation/maintenance of Terra.”
Previous accusations
According to Korean tax officials, Korean tax officials allegedly fined Terraform Labs for tax evasion after noticing suspicious transfers to Kernel Labs.
It is worth noting that FatManTerra -with more than 60 thousand followers- is a source of leaks in the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. industry. , que además realiza investigaciones sobre el ecosistema. A fines de mayo, FatMan accused Do Kwon of a fraud committed through theProtocolo Mirror (MIR), con la intención de beneficiar a Do Kwon y los capitalistas de riesgo, “while manipulating governance in the world of cryptocurrencies, governance is defined as the people or organizations that have decision-making powers regarding the project. and ruining retail trade.”
South Korea has also been emphatic about the need to investigate after the collapse of Earth . The Assembly called Do Kwon himself to appear to hear his side of the story. . In addition, the Asian nation has investigated the Terra employees, and has initiated a analysis of exchanges’ liability . In addition, created the “Digital Assets Committee”. which will focus on the strict regulation of cryptocurrencies so that the same thing doesn’t happen in the future.
Sources: Finbold, KBS, Twitter, archivo
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