Do Kwon, the co-founder of Terraform Labs, and his colleagues are linked to criminal assets worth 414.5B earned ($314.2M) that have been uncovered by prosecutors from South Korea. Prosecutors have explicitly connected Kwon to around 91.4B earned ($69M) of the discovered unlawful assets. Although having accumulated millions, not one of the valuables connected to Do Kwon is accessible or within the control of the government of South Korea.
This is primarily due to the former CEO, who was just detained, purportedly converting the majority of the criminal cash into Bitcoin NASDAQ down $28,026 using foreign cryptocurrency exchanges as opposed to investing in tangible assets, according to a report by media channel KBS.
The US Exchange Commission’s preliminary examination into the collapse found that Do Kwon stole Bitcoin worth almost $100M from Terra after the company had collapsed. Do Kwon was charged with embezzling $80 million a month before the Terra ecosystem collapsed in another story as per an interview with ex-Terraform Labs employees that was released in the media of South Korea. Binance has been asked by the government there to stop processing any withdrawal requests related to Kwon. Binance assured us that they’re working with the investigators and are prepared to help in any way.
Interpol Alert For Do Kwon And His Criminal Activities
Prosecutors in South Korea are searching for assets connected to executives from Terraform Labs in an effort to retrieve some stolen money from the fiasco. To prevent previous employees from involving in anything that may be connected to legal matters, authorities seized residences and other assets on April 3. Prosecutors also lodged foreclosure procedures against lands in Hwaseong, unregistered vehicles, and Gapyeong, as well as South Chungcheong Province’s Taean, along with the mansions in Seoul held by ex-CEO Shin Hyun-Seong as well as others.
Do Kwon managed to avoid capture for almost a year before being apprehended on March 23 in Montenegro, despite a South Korean arrest order and an alert in Interpol against his identity.
