Mt Gox Creditor Repayment window open | Do Kwon $10 mln penalty

[Flexystar]

This news comes with some positivity considering Robinhood is penalised with the penalty of around 10 million dollars. However it’s still unclear that why they only have such tiny bounty to be repaid considering the fraud of more than 60 million dollar was done by Terra company.

Do Kwon is the target while his associates were also charged in the crime they did. They have done worst to the crypto sphere, shook the economic balance and trust of thousands of peoples.

They have opened up the repayment window and hopefully everything gets settled. However, the question still remains whether this is enough money to recover all the loses?

Legal news

South Korean prosecutors identified $314.2 million in illicit assets associated with Terraform Labs co-founder Do Kwon and his associates, out of which $69 million is directly linked to Kwon. He, however, converted most of the illicit funds into Bitcoin using overseas crypto exchanges, KBS reported, so the assets tied to him are not recoverable or under South Korean jurisdiction.
Major US online trading platform Robinhood “will pay up to $10.2 million in penalties for operational and technical failures that harmed main street investors,” the USA, California Department of Financial Protection and Innovation (DFPI) announced. The DFPI joined the multi-state settlement that followed a North American Securities Administrators Association (NASAA) investigation into the platform outages in March 2020.
The deadline for Mt Gox creditors to provide their repayment information has passed, opening the window for repayments to be made, according to an April 7 letter from the exchange Trustee. The Trustee will carry out the necessary preparations to make the repayments, coordinating with several financial institutions, including crypto exchanges, which will receive and distribute the payments to creditors. “In light of this, it is expected to take some time before the repayment is commenced,” it said.

Do Kwon Converted Millions in Illicit Funds to BTC, Robinhood to Pay $10.2M in Penalties, Mt Gox Creditors Repayment Window Now Open

[Hispo]

In the case of Do Kwon, it was expected. Even though, he was on Twitter (prior to his arrest) saying that he did not get any benefit out the fall of his company, it was obvious he needed to have money to keep himself alive while on the run.

Not even mentioning the fact that even before the collapse of his stable coin and ecosystem, he had already filled for the closure of this company in south Korea, it was the final red flag for those who were paying attention and not only getting hypnotized with the high yield.

I am glad he finally got arrested. Hopefully, he gets convinced all is over and hand over whatever money he still have under his control.