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Prosecutors in South Korea try to get a courtroom order to freeze $5.3 million price of Do Kwon’s belongings within the nation, Yonhap Information reported on April 11.
Terraform Labs co-founder Kwon has been underneath investigation in South Korea for fraud and tax evasion for the reason that Terra-LUNA collapse worn out practically $40 billion in market worth in Might 2022.
Prosecutors are additionally monitoring down potential prison proceeds Kwon generated abroad which are parked in numerous cryptocurrency exchanges and Swiss financial institution accounts, the report mentioned.
Kwon consolidated belongings to BTC
Prosecutors mentioned final week that Do Kwon had “nearly no property” in South Korea as a result of he transformed them to Bitcoin (BTC) and transferred them to overseas exchanges like Binance. Prosecutors had contacted Binance to freeze Kwon’s belongings on the alternate.
Final week, authorities froze round $116.5 million price of belongings belonging to Daniel Shin, who co-founded Terraform Labs with Kwon. The belongings included land, buildings, and automobiles.
South Korean authorities declare that Kwon, Shin, and 7 different Terraform staff made round $314.2 million by defrauding buyers. Shin alone earned over $115 million whereas Kwon earned $69 million from the collapse, the prosecutors declare.
For the reason that collapse, Kwon had turn out to be one of many world’s most wished fugitives with Interpol issuing a pink discover in September 2022. After 11 months on the run, Kwon was arrested in Montenegro in March.
Hours after his arrest, Kwon was charged by the U.S. authorities with eight counts of fraud, together with securities, commodities, and wire fraud. Each the U.S. and South Korea want to extradite Kwon, who’s presently being held in Montenegro. Kwon can be dealing with fees of touring with faux paperwork in Montenegro.
In the meantime, Shin stays free as a South Korean courtroom turned down the prosecutor’s request for an arrest warrant for the second time in March.
The put up S. Korean prosecutors search to freeze $5.3M price of Do Kwon’s belongings appeared first on CryptoSlate.
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