Terra Subsidiary Used as Funds Channel for Overseas Affiliates

South Korean prosecutors have reportedly identified what is believed to be a Terraform Labs subsidiary in South Korea, FLEXE Corporation, which was allegedly used to facilitate cash flow from overseas to Terra affiliates, according to KBS News. Terraform Labs CEO Do Kwon is listed as the only internal director of FLEXE Corporation. The subsidiary did not physically operate at its registered address. At this time, prosecutors have determined that cash flows worth KRW 6 billion (approximately $4.5 million) and KRW 12 billion (approximately $9 million) came from Terra's Singapore company.