South Korean prosecutors: Terra executives' criminal proceeds have exceeded $300 million, and Do Kwon's assets have all been transferred overseas

2023-04-07 12:48:32

Collection

ChainCatcher news, South Korean prosecutors stated that 9 former and current executives of Terraform Labs have illegally obtained assets amounting to approximately 414.5 billion won (about 314.2 million USD) from the project, of which about 91.4 billion won belongs to Do Kwon. However, these assets are not under South Korean jurisdiction, and most of them have likely been converted to Bitcoin and transferred to overseas cryptocurrency exchanges. Prosecutors have stated that they have requested Binance to block Do Kwon from withdrawing his cryptocurrency.

Previous report, the Financial Securities Crime Joint Investigation Team of the Southern District Prosecutors' Office in Seoul has seized and confiscated approximately 270 billion won (about 205 million USD) in order to recover the improper benefits of Terraform Labs co-founder Daniel Shin and 7 others. (KBS)

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Terra Do Kwon Terraform Labs

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