Do Kwon allegedly hired lawyers in South Korea to prepare Terra investigation

Terraform Labs co-founder Do Kwon claimed that Korean authorities did not contact him or press charges against him in the Terra investigation. New

Terraform Labs co-founder Do Kwon reportedly hired a lawyer from a domestic law firm in South Korea just days after claiming South Korean authorities had yet to contact him or filed a complaint against him.

According to local media, Kwon recently submitted an appointment letter to a lawyer from the Seoul Southern District Prosecutor's Office, the department currently investigating the Terra-LUNA collapse.

While Kwon says no charges have been brought against him, South Korean prosecutors behind the Terraform Labs investigation are said to have searched and seized 15 businesses in the third July week. It includes seven crypto exchanges linked to the now defunct Terra Collapse.

Prosecutors reportedly notified Kwon, who was staying in Singapore, and barred the departure of key individuals.

Related: Do Kwon Breaking the Silence Triggers Community Responses

South Korean authorities opened an investigation into the collapse of the $40 billion Terra ecosystem shortly after the ecosystem imploded in May. The first action came towards the end of May when authorities decided to form a new crypto oversight board to prevent Terra-like incidents in the future. Later, CEO Kwon was sued and charged with fraud and violation of several financial laws.

Later, in June, authorities opened a formal investigation into the incident and found Terraform Labs guilty of tax evasion and market manipulation. The district attorneys...