According to the Korean media “KBS”, South Korean prosecutors seized the property and criminal proceeds of several Terra executives, with an estimated amount of at least 414.5 billion won (about 314.2 million U.S. dollars). However, the key figure in the case, Do Kwon, was actually confiscated. Property is “0 won”.
Do Kwon, the founder of Terraform Labs, and several company executives are currently facing fraud charges in South Korea. They are accused of defrauding investors for huge profits by manipulating UST and LUNA prices.
Prosecutors are trying to recover domestic assets of those involved in Terra, the report said, estimating the total criminal proceeds of those involved in Terra at 414.5 billion won ($314.2 million), while those of Do Kwon at 91.4 billion won ($690 million). million dollars), but the property that can be actually seized is “0” won.
“As far as we know, Do Kwon left almost no property in South Korea,” the prosecution explained.
Do Kwon seems to have already exchanged almost all of his property into Bitcoin and then transferred it to an overseas cryptocurrency exchange. Therefore, the prosecution can only request a temporary freeze of the platform at this stage. Prosecutors said Binance was told to prevent Do Kwon from withdrawing any cryptocurrency.
Prosecutors, on the other hand, have seized property belonging to Terraform Labs co-founder Shin Hyun-seung (Daniel Shin) and others, including real estate, land, and imported cars.