Do Kwon Has No Assets In Korea While Terra Has Raised Over $300 Million

Key Points:

• Do Kwon is reported to have no assets in Korea
• Meanwhile, Terraform Labs has illegally raised 414.5 billion won (about 314.2 million USD) from the project, of which approximately 91.4 billion won is owned by the company.
• Prosecutors said they asked Binance to block the withdrawal of cryptocurrency owned by CEO Kwon.

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.

According to KBS, South Korean prosecutors said that nine former and current executives of Terraform Labs illegally raised 414.5 billion won (approximately $314.2 million) from the project. The first step to recovering criminal assets is the asset freezing process.

It is estimated that the proceeds of crime committed by CEO Kwon, a key figure of Terra, amounted to 91.4 billion won.

Local prosecutors have seized assets of Terraform co-founder Shin Hyun-seung, also known as Daniel Shin, including real estate and imported cars. The country’s prosecutors accused Daniel Shin of illegally profiting more than 154 billion won from the Terra-Luna project.

Co-founder Shin Hyun-seong, former CEO of Chai, specified that 154.1 billion won and the remaining 7 Terra employees, totaling 169 billion won.

However, its principal founder and chief executive officer, Do Kwon, is confirmed to have none of his assets under Korean jurisdiction.

Do Kwon appears to have exchanged a significant portion of his wealth for Bitcoin, transferring it to overseas crypto exchanges. Prosecutors said they asked Binance to stop Do Kwon from withdrawing his cryptocurrency.

According to previous reports, Korean prosecutors searched and seized the properties of Terra executives and employees totaling more than $200 million.

In addition, prosecutors have frozen the real estate, vehicles, and securities assets of early investors and employees named as suspects in the case. Prosecutors said they asked Binance, the world’s largest exchange, to block the withdrawal of a cryptocurrency owned by CEO Kwon.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News