According to a report by South Korean news publication KBS, Do Kwon, co-founder of Terraform Labs, has converted a “large portion” of his assets into bitcoin. Prosecutors in South Korea believe Kwon’s alleged stash of bitcoins was transferred to an international exchange.
Report Says Do Kwon Allegedly Sold A ‘Large Part’ Of His Assets For Bitcoin
TO report by KBS journalist Jieun Lee, details that South Korean prosecutors have uncovered 414.5 billion won ($314 million) in alleged criminal proceeds linked to Terraform Labs employees. The report says prosecutors estimate that 91.4 billion won 154.1 billion won is associated with Do Kwon, the co-founder, and 154.1 billion won is reportedly related to co-founder Shin Hyun-seong, also known as Daniel Shin.
Seven other Terraform Labs staff members are reportedly associated with an additional 169 billion won. The KBS journalist also reported that South Korean investigators suspect that Kwon sold “a large part of his property to bitcoin and transferred it to an offshore virtual asset exchange.” Additionally, South Korean prosecutors have contacted cryptocurrency exchange Binance and requested that the exchange “block the withdrawal of cryptocurrencies owned by CEO Kwon.”
Three days ago, the Securities and Financial Crime Unit of the Seoul Southern District Prosecutor’s Office revealed that investigators had seized real estate worth 210 billion won from eight members of the Terraform Labs team, including Daniel Shin. However, none of the real estate is believed to belong to Kwon, and prosecutors have stated that the Terraform Labs CEO did not have any significant property in the country.
“We are still investigating the property status of the suspects, and we plan to carry out collection preservation of the confirmed property in the future to recover the proceeds of crime and recover damages,” a spokesperson for the prosecutor’s office said. seoul.
What do you think about the discovery of these alleged criminal assets and confiscation of assets? Share your thoughts in the comments section below.
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