Terra (LUNA) Saga Is Not Over Yet, Korean Prosecutors Discovers Another Domestic Subsidiary Of Terra “Flexi”

According to Korean local news site KBS news, the ongoing investigation for Terra’s crash has taken another turn as investigators have now linked a new crypto entity “Flexi” to Terra and Do Kwon.

Details of the corporation were not made public

Since the crash of TERRA/LUNA in April, investigation is carried out earnestly and it appears prosecutors and investigators are determined to find the root cause of the crash. Over the course of Terra (LUNA) investigations, several secrets have unfolded.

Alongside the Seoul Southern District Prosecutor’s Office’s Financial Crimes Unit, which is in charge of investigating Terra, the prosecution recently joined the investigation team as well as the Financial Investigation Department, therefore investigation has intensified.

According to KBS news, the team recently identified a still existing subsidiary of Terra in Korea called Flexa, with CEO Kwon Do-hyeong listed as the sole executive director, they confirmed that its existence was not declared, however “a suspicious flow of money through it was detected.”

The news report noted that there are rumours that Flexa deals in crypto rarely issued by cryptocurrency exchanges. A former developer of Terra was also said to have noted that Flexi Corporation’s cash inflow was an issue during a special tax investigation by the National Tax Service last year.

The TERRA/LUNA’s crash plot thickens

The entire crypto space hasn’t been the same since the TERRA/LUNA crash, and the crypto community has not gotten over the unprecedented event and will probably not get over it anytime soon as conspiracy theories continue to swirl around.

Fatman Terra on Twitter tweeted,

Korean prosecutors have discovered an additional shell company called “Flexi” that Do Kwon used to do OTC sales in Korea and launder large sums of money out of Terra. (They surely must be mistaken; he claimed he only took a small salary from Terra, right?)

The only known domestic subsidiary of Terra was ‘Teraform Labs Korea’, which more or less collapsed alongside its tokens, UST and LUNA, so the new discovery is an eyeopener to the fact that there is a lot the public are not abreast of.

Abigal .V. is a cryptocurrency writer with over 4-years of writing experience. She focuses on news writing, and is skilled in sourcing hot topics. She’s a fan of cryptocurrencies and NFTs.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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