South Korean prosecutors want to get their hands on the 414.5 billion won bonanza raised by Do Kwon and his Terraform Labs collaborators during their reign. To do this, they started doing an asset freeze (apartments, land, cars, etc.) of TFL co-founder Shin Hyun-Seong and 7 others. Only downside, it seems that Kwon has no physical property to grab.
Kwon prepared everything in advance
Long before his arrest, we reported that Do Kwon had formed a solid bitcoin breakout bottom. The amount mentioned at the time is close to more than 3,300 BTCpart of which has already been seized by South Korean prosecutors.
According to Cointelegraphthe South Korean justice admitted having identified nearly 414.5 billion won, or $314 million, of illicit funds associated with the ousted CEO of Terra and his cronies. Nearly a quarter of these assets would have ended up in the hands of Do Kwon, estimate the prosecutors in charge of the case.
But a preliminary investigation by the SEC found that Do Kwon has:
- diverted about $80 million in bitcoins by Terraform Labs before its collapse ;
- got hold of $100 million in just BTC After this dramatic event.
And since he has “0 won”, South Korean prosecutors have found nothing better than contact Binance in order to refuse any access to its bitcoins on or via the platform. In their eyes, recovering Kwon’s digital assets seems impossible.
“ We have provided the Korean authorities with the requested assistance. As we cannot comment on LE’s ongoing investigations, for any further comment, please contact prosecutors “says Binance.
The offensive of the South Korean authorities
In an article published on April 7 on KBSwe learned that Terra co-founder Shin Hyun-seong reportedly cashed in 154.1 billion won. 7 other members of the company’s administration would split 169 billion won.
At the moment, the South Korean authorities are working to recover the illicit funds raised by these people and their former boss Do Kwon. They actually do apartment foreclosures in Seoul, of land in Hwaseong and Gapyeong, as well as cars belonging to them.
” It was found that there are almost no properties owned by CEO Kwon in Korea “Blows a complainant. But a question arises, does he risk being brought before American judges? Note that US prosecutors have accused Do Kwon of fraud.
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