Sunday, September 25, 2022

Fresh Investigation Reveals Terra Has Links With Crypto Firm Flexi

A fresh report by Korean local news outlet KBS News claims that Terra and its founder Do Kwon have just been linked to a new crypto platform “Flexi”.

Since Terra (LUNA) collapsed back in April, prosecutors have been having a go at the firm and its hierarchy, launching various investigations in the process. But that was all in a bid to determine what really caused the crash. And in the course of the investigations, several accusing fingers have also been pointed in various directions. However, the latest in the string of long allegations is that Terra owns a subsidiary in Korea.

Terra fronting with Flexi?

Per the KBS News report, new findings reveal that Terra may have had more than its popularly-known subsidiary Terraform Labs. The ongoing investigations claim that a Korean-based shell company called Flexi Corporation was used to launder funds from Terra. And as it turns out, those funds have found their way into accounts owned by Do Kwon.

Interestingly, the bogus “Flexi Corporation” only exists on paper, making it all the more suspicious.

South Korean investigators may be inching closer to building an air-tight case against Terra’s Do Kwon. This is as they continue to bring up evidence that could prove that he played a part in the crash of the Terra ecosystem that saw thousands of South Koreans lose their money.

Investigations ramping up 

Korean investigators will be leaving no stones unturned in the course of these investigations. There are at least three units of investigators and prosecutors, albeit combined, that are involved in the case. They are, the Financial Crimes Unit (FCU) of the Seoul Southern District Prosecutor’s Office, the Financial Investigation Department, and the prosecution team.

Meanwhile, Do Kwon has debunked all allegations of complicity in Terra’s collapse. But now, the crypto community is eager to know how he intends to clear his name in the current situation.

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