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South Korea seeks to seize $314m in assets from Terra executives

south-korea-seeks-to-seize-314m-in-assets-from-terra-executives
Edited by
News
South Korea seeks to seize $314m in assets from Terra executives

The office of the Seoul prosecutor is seeking to seize assets worth $314 million from eight Terra officials, including CEO Do Kwon, who was recently arrested in Montenegro.

According to South Korean news outlet KBS, Do Kwon, CEO and co-founder of Terra Labs, and other Terra officials were charged with scamming investors using cryptocurrencies Terra and Luna to make substantial gains.

KBS stated that prosecutors are tracking the domestic property to recover the anticipated criminal proceeds of around $314 million.

According to the report, an estimated $69 million was taken by Do Kwon. Shin Hyun and the former chief executive officer of Chai Corporation allegedly took $117 million. The remaining $128 million went to the seven Terra workers.

Prosecutors have started freezing the accused’s property, which includes repossessing any homes, lands, or foreign cars they may have in different parts of South Korea. The CEO of Terra, Do Kwon is reportedly in a unique predicament compared to other Terra executives.

Prosecutors intervene in Do Kwon’s crypto holding

Prosecutors recently filed for foreclosure on their properties to prevent Terra executives, including former CEO Shin Hyun-Seong, from selling or stealing during the trial. This is a part of the measures to recoup the estimated illegal gains from the bitcoin scheme of $314 million.

Kwon however, finds himself in a different circumstance. His property that may be collected and maintained was estimated to be worth ‘$0’, even though he played a significant role in the Terra case and had amassed tens of billions in illegal gains. The prosecution official said that Do Kwon has a small estate in Korea.

The reports also stated that CEO Kwon may have stashed some of his assets in bitcoin and moved them to an international virtual asset market. The prosecution requested crypto exchange Binance, to prevent Kwon from withdrawing any cryptocurrency in attempt to freeze part of Do Kwon’s $69 million.