A few weeks after Do Kwon’s arrest in Montenegro, investigations into his company are continuing. The challenge now is to determine how the funds held by Terraform Labs were able to dissipate in the wild. In South Korea, progress has been made in this direction.
$160 million in assets seized from Do Kwon collaborators
The more the days pass, the more we know about the underside of the sinking of Terra-Luna. On Monday April 3, the prosecutor of the southern district of Seoul (South Korea) disclosed new information about the case. The latter indicate the seizure of real estate whose value is estimated at around 160 million dollars.
For the authorities, these funds potentially constitute part of the funds diverted within the framework of the operations of Terraform Labs. And even if this has yet to be established in the context of a trial, the first arguments of Korean justice to support this hypothesis seem rather solid.
Korean justice, preventive and proactive
Indeed, these funds were seized from eight former collaborators of Do Kwon, the co-founder of Terraform Labs. Among them, Kim Mo, the former vice president of the crypto firm. The confiscation also concerned another executive of the company whose name was not disclosed. From these two former officials, approximately $60 million and $31 million of real estate respectively were seized.
Of course, these funds are only a drop in the ocean of the billions of dollars in funds that Do Kwon is accused of embezzling. But Korean justice intends to shed light on the case.
For the time being, it is rather preventive and proactive. Because the purpose of this referral is to prevent funds or assets, suspected of coming from the offence, from being laundered in one way or another. A way for justice to put them under judicial supervision pending the closure of the investigations.
These are continuing. “We continue to investigate the property status of the suspects and plan to proceed in the future with the preservation of confirmed assets in order to recover the proceeds of crime and recover damages”said a spokesperson for the prosecution team.
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