Cryptocurrency

Do Kwon hires lawyer in preparation for defense in South Korea

Terra co-founder Do Kwon hired a lawyer to prepare his defense against South Korean legal action. report August 17th.

Kwon reportedly submitted a letter of appointment to a lawyer to the prosecution. The report did not disclose the lawyer’s name or law firm.

The Seoul Southern District Public Prosecutor’s Office is investigating several leads that led to the implosion of Terra’s ecosystem. Prosecutors recently raided the home of a cryptocurrency exchange and his Terraform Labs executive.

In a recent interview, Do Kwon claimed that South Korean prosecutors had not yet filed charges or contacted him.

Kwon also said he would be completely honest with the prosecution and the court by providing relevant facts about the crash. Said“Life is long.”

South Korean police fined for seizing cryptocurrencies

Korean police introduced Seizure of virtual currency as a means of collecting fines.

The Gunpo Police Department claimed that this collection method is suitable during this time when COVID-19 is an ongoing challenge.

This initiative is part of the National Police Agency’s virtual asset seizure pilot project, which analyzed the virtual asset possession status of repeat offenders with more than 1 million won in delinquency.

I found a delinquent who is paying a traffic fine of 2.5 million won but owns virtual assets worth 50 million won. The report revealed that the police department seized the funds to collect fine arrears.

With this program, the Gunpo Police Station announced that it had achieved 88% of its traffic fine collection target of 1 billion won. The balance in the first half of the year was about 880 million won, the highest rate in the last three years.

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