Korean Court Determines Do Kwon Obtained About $176M From Terra-LUNA

Key Points:

• The Korean court determined that Do Kwon obtained assets worth 233.3 billion won (about $176 million).
• These assets are also preserved to prevent the suspect from disposing of the proceeds or property obtained from the crime until the conviction is confirmed.
• Kwon’s tangible assets have been sealed but cannot handle securities deposited in Mirae Asset Securities, deposits in Woori Bank, and cryptocurrencies deposited in virtual currency exchanges.

The assets worth 233.3 billion won, equivalent to $176 million of Terraform Labs CEO Kwon Do-hyung (Do Kwon), a key figure in the collapse of the Terra-Luna cryptocurrency, have been freezed.

The judge of the Southern District Court in Seoul, South Korea, recently accepted the prosecutor’s request to preserve the assets of co-founder Terra Do Kwon. All seized property will be preserved before trial to prevent criminal suspects from handling it until they are found guilty. The court determined that the amount of money Do Kwon obtained from the crime was 233.3 billion won (about $176 million).

Since the court accepted the request, Do Kwon has banned the sale of the commercial and residential apartment building “Galleria Foret” in Seongdong-gu, Seoul, a new office building in Nonhyeon-dong, and imported cars. However, its securities deposited in Mirae Asset Securities, deposits deposited in Woori Bank and cryptocurrencies deposited in crypto exchanges cannot be processed. Requests to recover and preserve other financial assets were denied.

CEO Kwon created Terraform Labs in 2018 along with Shin Hyun-seong, former CEO of Chai Corporation, who is currently being prosecuted without detention and has released Terra and Luna Coins. In May of last year, the coin’s value plummeted, and it is estimated that investors worldwide have lost about 50 trillion won.

CEO Kwon went abroad and disappeared shortly after the accident. According to previous information, Do Kwon was arrested and jailed in Montenegro in March for forging a passport, after which both the US and South Korea requested his extradition.

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