Key takeaways
- Korean courts have frozen Do Kwon’s $2 billion fortune and seized luxurious vehicles and residences.
- A passport fraud trial in Montenegro and eight felony fraud costs are pending in america.
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South Korean authorities have frozen practically $2 billion in belongings linked to Do Kwon, the CEO of blockchain agency Terraform Labs, as they proceed their investigation into the catastrophic crashes of cryptocurrencies Terra Traditional (USTC) and Luna Traditional (LUNC).
Native authorized insiders revealed that Seoul’s Southern District Court docket on Might 10 granted a pre-investigation asset seizure request by prosecutors focusing on Kwon’s belongings. Based on For native information outlet Hankyung. The request sought to freeze about 2.33 trillion Korean received (roughly $2 billion) in belongings that Kwon allegedly amassed via felony actions. This pre-indictment forfeiture prevents the disposal of belongings or income acquired by the defendant earlier than conviction.
The courtroom determination halts Kwon’s disposal of varied high-value belongings, together with the luxurious “Galleria Forest” house advanced in Seoul’s Seongdong-gu district, the rights to newly constructed office-tails in Nonhyeon-dong and a number of other imported luxurious autos. Other than these bodily belongings, monetary holdings resembling securities held by Mire Asset Daewoo, deposits in Vooree Financial institution and cryptocurrencies on varied exchanges at the moment are secure. The courtroom denied Kwon’s requests to freeze another unspecified monetary belongings.
Kwon, at the moment indicted with out parole, and Hyun Sung Shin, former CEO of Chai Company, co-founded Terraform Labs in 2018 and launched the USTC stablecoin and LUNC cryptocurrency. After the challenge’s collapse, Terraform Labs rebranded its cryptocurrency: the dollar-pegged TerraUSD (UST), now defunct, turned Terra Traditional; And the extra speculative Terra (LUNA) was rebranded to LUNA2 whereas the unique LUNA blockchain was renamed Luna Traditional (LUNC).
In Might 2022, A A steep drop in worth International buyers misplaced an estimated 50 trillion received, or about $44 billion, from these cash.
Following the Terra crash, Kwon left South Korea and remained elusive till his arrest in Montenegro on March 23, 2023, dealing with costs of utilizing a faux Costa Rican passport on his method to Dubai. Kwon is Now awaiting trial in Montenegro Whereas america indicted Kwon on costs of passport fraud Eight felony costs of fraud. Korean and United States prosecutors are unsure when they’ll have the ability to safe him Extradition
