South Korean prosecutors stated Terraform Labs executives, together with Do Kwon and Daniel Shin, made 414.5 billion gained ($314.2 million) by tricking traders into investing within the failed venture.
In keeping with an April 7 KBS Information report, the co-founder and former CEO of Chai Shin Hyun-Seong (often known as Daniel Shin) made 154.1 billion gained, whereas seven different unnamed workers made 169 billion gained.
The report famous that the Seoul prosecutors had began freezing properties belonging to Shin and these different workers so they may not promote them.
Some property the South Korean prosecutors seized embrace residences in Seoul, lands in Hwaseong and Gapyeong in Gyeonggi-do, Taean in South Chungcheong Province, and vehicles.
Do Kwon owns no property in South Korea
Nevertheless, efforts to freeze property belonging to Do Kwon has been futile as a result of he owns no asset within the Asian nation.
In keeping with the report, Kwon made an estimated 91.4 billion gained ($69 million) from the proceeds.
An unnamed prosecutor reportedly stated:
“It was discovered that there’s nearly no property owned by CEO Kwon in Korea.”
Kwon reportedly transformed most of his properties into Bitcoin (BTC) and moved them into crypto exchanges outdoors South Korea. Prosecutors stated they’d contacted Binance to freeze Kwon’s crypto property held on the alternate.
In the meantime, Kwon is at present held in Montenegro, the place he was arrested with faux journey paperwork whereas attempting to board a flight to Dubai. Each the U.S. and South Korea wish to extradite him to face prison expenses.
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