Prosecutors in South Korea try to get a court docket order to freeze $5.3 million price of Do Kwon’s property within the nation, Yonhap Information reported on April 11.
Terraform Labs co-founder Kwon has been underneath investigation in South Korea for fraud and tax evasion because the Terra-LUNA collapse worn out almost $40 billion in market worth in Might 2022.
Prosecutors are additionally monitoring down potential prison proceeds Kwon generated abroad which can be parked in numerous cryptocurrency exchanges and Swiss financial institution accounts, the report stated.
Kwon consolidated property to BTC
Prosecutors stated final week that Do Kwon had “nearly no property” in South Korea as a result of he transformed them to Bitcoin (BTC) and transferred them to international exchanges like Binance. Prosecutors had contacted Binance to freeze Kwon’s property on the trade.
Final week, authorities froze round $116.5 million price of property belonging to Daniel Shin, who co-founded Terraform Labs with Kwon. The property included land, buildings, and automobiles.
South Korean authorities declare that Kwon, Shin, and 7 different Terraform workers made round $314.2 million by defrauding buyers. Shin alone earned over $115 million whereas Kwon earned $69 million from the collapse, the prosecutors declare.
For the reason that collapse, Kwon had develop into one of many world’s most wished fugitives with Interpol issuing a purple discover in September 2022. After 11 months on the run, Kwon was arrested in Montenegro in March.
Hours after his arrest, Kwon was charged by the U.S. authorities with eight counts of fraud, together with securities, commodities, and wire fraud. Each the U.S. and South Korea wish to extradite Kwon, who’s at the moment being held in Montenegro. Kwon can also be going through fees of touring with faux paperwork in Montenegro.
In the meantime, Shin stays free as a South Korean court docket turned down the prosecutor’s request for an arrest warrant for the second time in March.
The submit S. Korean prosecutors search to freeze $5.3M price of Do Kwon’s property appeared first on CryptoSlate.
