Despite the challenges of 2022, the African continent's blockchain community has continued to attract significant investments, with blockchain venture funding increasing five-fold on a yearly level.

A US judge has denied a request by Terra co-founder Do Kwon to block the SEC's access to certain documents from the Monetary Authority of Singapore, in relation to the regulator's lawsuit against Kwon and Terraform Labs over an alleged unregistered securities offering. Kwon is also facing charges of fraud from prosecutors in New York and investigations from authorities in South Korea. Recent reports suggest that Kwon transferred $7 million to a Seoul-based law firm before the Terra meltdown occurred, which may result in further legal repercussions for him if proven. South Korean prosecutors have also reportedly contacted Binance to halt any withdrawals associated with Kwon.

Chinese banks are opening bank accounts for regulated crypto companies, with several acting as a payment layer for the crypto platforms.

Do Kwon, the founder of Terraform Labs, reportedly sent $7 million to South Korean law firm Kim & Chang just before the collapse of the Terra ecosystem in May 2022, according to South Korean prosecutors cited by Bloomberg. Both South Korea and the US have requested Kwon's extradition after his recent arrest in Montenegro, as Kwon faces criminal charges in both countries after the collapse of his crypto ecosystem. Kim & Chang told Bloomberg that it was "unable to provide specifics on individual cases" but that it had conducted its legal advisory services as usual and had legitimately received payment for its services.

Terraform Labs Pte co-founder Do Kwon sent 9 billion won ($7 million) to a top South Korean law firm just before the collapse of the firm’s stablecoin terra and cryptocurrency luna, according to South Korean prosecutors, KBS News reported.

In the face of the trend towards Web3.0, Hong Kong must be brave enough to become leaders in this wave of innovation.

The Seoul Southern District Prosecutors' Office has frozen assets worth 7.1 billion Korean won (about US$5.36 million) belonging to Terraform Labs CEO Do Kwon. A Seoul court is reviewing Kwon's domestic and overseas-based assets for restitution. The assets include Kwon's deposits in overseas accounts and legal procedures are underway to obtain Kwon's laptops, hard disks, and other Terraform-related equipment. Kwon and Terraform Labs are facing charges of fraud and securities law violations, and both have denied the charges, calling them politically motivated. Kwon is currently detained in Montenegro for allegedly traveling with forged travel documents.

South Korean prosecutors have reportedly discovered 414.5 billion won ($314 million) in alleged criminal proceeds tied to employees of Terraform Labs, with 91.4 billion won associated with co-founder Do Kwon. According to a report by South Korean news publication KBS, prosecutors suspect Kwon of selling "a large part" of his assets for bitcoin and transferring it to an overseas virtual asset exchange.

Korean prosecutors have contacted Binance, requesting it to prevent crypto fugitive Do Kwon from withdrawing funds. Prosecutors fear that Kwon will start liquidating crypto from the proceeds of selling property.

According to South Korean prosecutors, Do Kwon, the founder of collapsed crypto issuer Terraform Labs, has no property in South Korea, despite prosecutors estimating that he and eight other executives made a total of $315 million from the enterprise. Prosecutors believe that almost none of the 91.4 billion won ($69 million) belonging to Kwon is in South Korea. The prosecutor's investigation found that 154 billion won are suspected to be in Terra co-founder Daniel Shin's possession, but prosecutors have been unsuccessful in obtaining an arrest warrant for Shin. Kwon was arrested in Montenegro last month and is facing criminal charges in both South Korea and the United States.