Do Kwon, the creator of Terraform Labs, has cryptocurrency assets and cash that prosecutors in South Korea are attempting to seize. They have asked a judge to assist them in freezing monies that are held in Switzerland and other locations. Kwon is being detained in custody in Montenegro and is sought for in South Korea, the US, and Singapore on suspicion of fraud. Officials in Montenegro also want to accuse him of traveling with fake papers and of entering the nation unlawfully.
Although prosecution authorities claim to be tracing funds that are thought to have been stolen by Kwon and transferred via global cryptocurrency exchanges and Swiss bank accounts, they admit that they are still establishing the precise number and kind of Kwon’s holdings. Additionally, $314.2 million worth of “illicit assets” connected to Kwon and his accomplices have been found.
Kwon is believed to have moved several of his assets to exchange wallets, and US investigators think he used a Swiss bank to withdraw almost $100 million in Bitcoin during his 11-month run from law enforcement. His money have already been partially frozen by South Korean authorities, who are now asking Swiss savings account managers and overseas cryptocurrency exchanges for further freezing orders.
Along with Kwon, the prosecution has frozen Daniel Shin, a co-founder of Terraform, and has asked that foreign exchanges like Binance block Shin’s cryptocurrency wallets. Additionally, seven Terra workers have had assets confiscated, including cryptocurrency, vehicles, structures, and property, totaling more than $127 million.