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Prosecutors in South Korea are trying to get a court order to freeze $5.3 million worth of Do Kwon's assets in the country, Yonhap News reported on April 11.
A recent report has revealed that Terra (CRYPTO: LUNA) cofounder Do Kwon, who was arrested in March for his alleged role in the collapse of the $40 billion Terra ecosystem in May 2022, appears to have converted most of his properties into Bitcoin (CRYPTO: BTC). The disgraced founder allegedly sent his crypto stack to an exchange outside of South Korea, according to Korean media outlet KBS.
South Korean authorities have reportedly found that embattled Terraform Labs CEO and co-founder Do Kwon has zero assets in his home country. Local media outlet KBS reports that prosecutors have been tracking the domestic wealth of Terraform Labs executives to collect the profits that they've allegedly accumulated from the Terra (LUNA) ecosystem.
The downfall of Terra in May last year stunned the cryptocurrency community. Terra, once a promising ecology, saw its value drop from $40 billion to nearly nothing.
Prosecutors in South Korea are continuing their crackdown on crypto fugitive Do Kwon.
No assets belonging to Kwon have been located in South Korea. Do Kwon, the founder of Terraform Labs, has been charged with fraud in both the United States and South Korea.
New report disclosed that Terra's founder set up a company in Serbia despite his wanted status.
South Korean prosecutors say Do Kwon's $69 million in assets are not in the country as governments tussle for the Terraform founders' extradition.
South Korean prosecutors say Do Kwon's $69 million in assets are not in the country as governments tussle for the Terraform founders' extradition.
South Korean authorities have taken action to stop Do Kwon, the founder of the now-collapsed cryptocurrency issuer Terraform Labs, from withdrawing his crypto holdings. Prosecutors have requested that Binance, the world's largest exchange, block any withdrawal of crypto assets owned by the disgraced crypto figure.
Korean officials have linked approximately 91.4 billion won, worth about $69 million, in digital assets directly to Do Kwon.
Do Kwon reportedly converted his assets to Bitcoin, currently held on Binance.
According to a report by South Korean news publication KBS, Do Kwon, the co-founder of Terraform Labs, has converted a “large part” of his assets into bitcoin. Prosecutors in South Korea believe that Kwon's purported bitcoin stash was transferred to an international exchange.
South Korean prosecutors said Terraform Labs executives, including Do Kwon and Daniel Shin, made 414.5 billion won ($314.2 million) by tricking investors into investing in the failed project. According to an April 7 KBS News report, the co-founder and former CEO of Chai Shin Hyun-Seong (also known as Daniel Shin) made 154.
South Korea requested the extradition of the Terraform Labs CEO after his recent arrest in Montenegro.
South Korean prosecutors have reached out to Binance to request a halt on any withdrawal linked to Do Kwon.
Korean prosecutors have contacted the world's largest crypto exchange Binance requesting that it prevent Do Kwon from withdrawing funds.
Korean prosecutors have confiscated the assets of Terra executives, including Kwon Do-hyung, for a minimum amount of 414.5 billion won. However, Do Kwon does not have any assets in Korea.
South Korean authorities have confiscated assets worth millions of dollars from the employees of the blockchain firm Terraform Labs, according to a report.
According to a South Korean news report published on March 30, the United States may have gained an advantage in a race with South Korea to extradite Terraform Labs CEO Kwon Do-hyung from Montenegro on fraud charges related to the collapse of the $40 billion Terra-Luna cryptocurrency project in May last year.
The drama surrounding Terraform Labs co-founder Do Kwon's extradition continues to unfold, leaving the fate of LUNA and LUN-C tokens hanging in the balance. Korean authorities have faced yet another setback in their pursuit of Kwon, as their efforts to obtain an arrest warrant have fallen flat.
Authorities in South Korea have reportedly seized assets worth billions of won belonging to former representatives of Terraform Labs. The measure should prevent suspects in the case with the failed blockchain firm from selling property that may have been obtained with criminal proceeds.
The extradition of TerraForm Labs founder Do Kwon from Montenegro has been requested by both the U.S. and South Korea, according to the country's Justice Minister Marko Kovac. This comes as a new report from The Korea Times reveals that Korea's efforts to have Kwon extradited could be complicated.
South Korean authorities have reportedly confiscated approximately $160 million worth of assets from eight individuals associated with the collapse of Terraform Labs (Terra) (CRYPTO: LUNA), including co-founder Daniel Shin.
