South Korean authorities have reportedly discovered that embattled Terraform Labs CEO and co-founder Do Kwon has zero belongings in his dwelling nation.
Native media outlet KBS experiences that prosecutors have been monitoring the home wealth of Terraform Labs executives to gather the earnings that they’ve allegedly accrued from the Terra (LUNA) ecosystem.
Kwon and his associates reportedly acquired a complete of 414.5 billion received, or about $314.2 million, with the Terraform Labs CEO holding 91.4 billion received ($69 million) of the funds.
South Korean authorities have already frozen the properties of Terraform co-founder Shin Hyun-seong and others. Nevertheless, they weren’t capable of freeze any of Kwon’s belongings as a result of the disgraced crypto govt seems to have transformed most of his properties into Bitcoin (BTC). Kwon has additionally despatched the crypto stack to an change outdoors of South Korea, based on the report.
Says a prosecution official, based on KBS,
“It has been discovered that there’s little or no property fashioned and owned by CEO Kwon within the nation.”
The report says that prosecutors have already requested Binance to dam Kwon from withdrawing any of his crypto belongings on the change.
South Korean authorities issued a warrant for Kwon in September following the collapse of LUNA and UST in Might 2022. He went on the run however was arrested on the Podgorica Airport in Montenegro final month whereas making an attempt to board a flight to Dubai utilizing a faux Costa Rican passport.
Kwon is at present being held in Montenegro as he awaits investigations over his use of solid journey paperwork.
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