Key Takeaways
- Do Kwon allegedly converted his illicit funds into Bitcoin through an overseas crypto asset exchange, making it impossible for South Korean authorities to recover or freeze his property
- 154 billion won are suspected to be in the hands of Terra co-founder Daniel Shin
- South Korean prosecutors have identified $314.2 million in illicit assets associated with Do Kwon and his nine associates.
New development keeps unfolding in the Terraform Lbas founder Do Kwon illicit activities and the prosecution that follows it.
In the latest development, South Korean prosecutors have identified 414.5 billion won ($314.2 million) in illicit assets associated with Do Kwon and his nine associates.
Prosecutors state that about 91.4 billion won of the specified amount belongs to Kwon but stated none of his assets are within their jurisdiction. This is because Do Kwon allegedly converted his illicit funds into Bitcoin through an overseas virtual asset exchange, making it impossible for South Korean authorities to recover or freeze his property.
Out of the identified illegal assets, prosecutors have linked approximately 91.4 billion won ($69 million) of the specified amount directly to Kwon. The prosecutors also stated that Do Kwon owned no property in Korea.
As per reports, around 154 billion won are suspected to be in the hands of Terra co-founder Daniel Shin. Prosecutors allege that Shin Hyun-Seung, also known as Daniel Shin, gained illegal profits of over 154 billion won from the collapsed Terra-Luna project.
South Korean prosecutors have contacted the exchange Binance to request a halt on withdrawals linked to Do Kwon. This is not the first time prosecutors have requested exchanges to halt withdrawals linked to Keon.
In September last year, prosecutors asked crypto exchanges OKX and KuCoin to freeze US$29.6 million in crypto owned by Kwon that were deposited on the exchanges through the Kwon-affiliated Luna Foundation Guard’s digital wallet on Binance.
In February, an SEC filing revealed that Terraform Labs and its founder Do Kwon transferred over 10,000 BTC to a cold wallet and cashed out around $100 million via a Swiss Bank.
Last month, Kwon was arrested at the airport in Montenegro’s capital city of Podgorica. Both US and South Korean authorities have requested his extradition. Kwon has dismissed the fraud and securities law violations as baseless and politically charged.
