According to a local report, South Korean prosecutors have been given the green light by the Criminal Division of the Seoul Southern District Court to seize assets owned by Do Kwon, the co-founder and former CEO of Terraform Labs. The report discloses that a total of 233.3 billion won ($176 million) worth of assets have been frozen, which includes imported vehicles, bank deposits, and cryptocurrency accounts held at a digital currency exchange.
Seoul Court Gives Nod to Seize $176 Million in Assets Owned by Do Kwon
After reports surfaced claiming that Do Kwon, the co-founder and former CEO of Terraform Labs, had $100 million stashed away in a Swiss bank account, a new report by regional news outlet Hankyung reveals that South Korean prosecutors have taken action by freezing Kwon’s assets. The report states that Kwon’s assets are valued at approximately 233.3 billion won ($176 million). The 12th Criminal Division of the Seoul Southern District Court has given the green light for the asset forfeiture to proceed.
Among the mentioned possessions are bank accounts, cryptocurrencies kept on an exchange, and imported automobiles. Kwon additionally possesses a mixed residential and commercial apartment known as the “Galleria Foret,” as well as an officetel in Nonhyeon-dong. As per the court directive, the aforementioned items, along with the shares held with Mirae Asset Securities, won stored in Woori Bank, and unnamed exchange-held cryptocurrencies, are prohibited from being sold.
In the report, it is highlighted that Shin Hyun-Seong, also known as Daniel Shin, along with a handful of Terraform Labs employees, has been indicted on charges of fraud and violations of the Capital Markets Act. Coinciding with the seizure of Kwon’s assets on May 9, 2023, an ethereum (ETH) account affiliated with Terraform Labs transferred CVX tokens worth $8.7 million to an undisclosed destination. Notably, this movement of 1.8 million CVX occurred after a span of 277 days, precisely on the one-year anniversary of the Terra ecosystem’s collapse.
Kwon and his accomplice Han Chang-Joon were apprehended by Montenegro law enforcement officials as they were about to board a private jet headed for Dubai. Kwon is currently facing extradition requests from both South Korean and U.S. authorities.
Tags in this story
asset seizure, bank accounts, co-founder, Cryptocurrency, Cryptocurrency regulations, do kwon, Fraud Charges, frozen assets, imported vehicles, investor trust, legal proceedings, South Korean Prosecutors, terraform labs
Considering the substantial value of frozen assets and the legal actions against Do Kwon, what are your thoughts on the potential consequences for the former Terraform Labs CEO? Share your thoughts and opinions in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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