According to KBS News, the FLEXE Corporation, which was allegedly used to arrange money transfers from outside to Terra affiliates, has purportedly been discovered by South Korean prosecutors. This company is considered a subsidiary of Terraform Labs in South Korea. Kwon Do-Hyung, also known as Do Kwon, the CEO of Terraform Labs, is the only internal director of FLEXE Corporation. Traced Cash Flows Totalling 6 Billion Won After visiting the listed address and learning the company didn’t have a real presence there, the broadcaster declared that the subsidiary was an inactive paper corporation. Authorities claim to have traced cash flows totaling 6 billion Korean won (about 4.5 million dollars) and 12 billion won (roughly 9 million dollars) that originated in Singapore and traveled through the British Virgin Islands before arriving at FLEXE in South Korea and other Terra affiliates. A former Terraform Labs employee claimed FLEXE caused problems in a specific tax examination on the company last year. KBS stated the subsidiary was used as a route to acquire payments from liquidated cryptocurrencies. By publication, neither Terraform Labs nor Kwon had responded to the media. According to local media reports from as early as February, Terraform Labs was not actively trying to hide the existence of FLEXE.The post Terra Subsidiary Used as Funds Channel for Overseas Affiliates: Report appeared first on Cryptoknowmics-Crypto News and Media Platform.
