South Korean prosecutors: Do Kwon’s assets are not in South Korea, and the criminal income of the Terra project is about $300 million

04/07 04:51

According to KBS, South Korean prosecutors said that nine former and current executives of Terraform Labs illegally raised 414.5 billion won (about $314.2 million) from the project, of which about 91.4 billion won belonged to the company's CEO Do Kwon, but confirmed that none of his assets are under South Korean jurisdiction. Local prosecutors temporarily seized assets belonging to Terraform co-founder Shin Hyun-seung, also known as Daniel Shin, including real estate and imported cars. The prosecutors accused Daniel Shin of illegally profiting more than 154 billion won from the Terra-Luna project. Do Kwon appears to have exchanged a significant portion of his fortune for bitcoin, transferring it to overseas crypto exchanges. Prosecutors said they had asked Binance to prevent Do Kwon from withdrawing his cryptocurrency. Previous news, South Korean prosecutors have searched and seized the real estate of Terra executives and employees totaling more than $200 million.

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