2023-05-11 08:36:51
According to a local report, South Korean prosecutors have been given the go-ahead by the Seoul Southern District Court’s Criminal Division to seize assets owned by Terraform Labs co-founder and former CEO Do Kwon. The report disclosed that assets worth a total of $176 million were frozen, including luxury vehicles, bank deposits and cryptocurrency accounts held at a digital currency exchange.
After reports surfaced that Terraform Labs co-founder and former CEO Do Kwon stashed $100 million in a Swiss bank account, South Korean prosecutors took action and froze Kwon’s assets, according to a new report from regional news outlet Hankyung.
In addition to the assets listed above, Kwon owns an apartment known as “Galleria Foret” and an office building in Nonhyeon-dong. THE court order pursuant to which the aforementioned items, as well as shares held at Mirae Asset Securities, money held at Woori Bank and unnamed crypto-currencies held on an exchange are prohibited.
The report highlights that Shin Hyun-Seong, also known as Daniel Shin, and some employees of Terraform Labs have been charged with fraud and violations of the Capital Markets Act. Concurrent with the seizure of Kwon’s assets on May 9, 2023, an ethereum (ETH) account linked to Terraform Labs transferred $8.7 million worth of CVX tokens to an undisclosed location. Remarkably, this movement of 1.8 million CVX occurred 277 days following the exact one-year anniversary of the collapse of the Terra ecosystem.
Kwon and his accomplice, Han Chang-Joon, were apprehended by Montenegrin law enforcement officials as they were regarding to board a private jet bound for Dubai. Kwon is currently facing extradition requests from South Korean and US authorities.
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