$176M of Do Kwon’s belongings are frozen: Report

On Could 10, native information outlet Hankyung reported that Do Kwon, co-founder and former CEO of Terraform Labs, had over 233.3 billion Korean gained ($176 million) in private belongings frozen as a part of ongoing felony proceedings.

Chief Choose Yun Chan-Younger of the twelfth Legal Division of the Seoul Southern District Courtroom has prohibited the gross sales of Do Kwon’s Galleria Foret condominium advanced in Seoul, a novel officetel and a sequence of imported automobiles. The order additionally bans the disposition of Kwon’s monetary belongings, similar to securities, financial institution deposits and cryptocurrency saved in private accounts on digital foreign money exchanges.

In keeping with South Korean legislation, suspects could also be prohibited from disposing of the proceeds or property obtained from a criminal offense till a conviction is confirmed. On March 23, Kwon was arrested within the Balkan nation of Montenegro and subsequently charged with falsifying paperwork. Each South Korean and U.S. authorities are presently searching for Kwon’s extradition. 

In Could 2022, the Terra Luna (LUNC) dual-token ecosystem created by Kwon and Terraform Labs imploded after the de-pegging of its native TerraUSD (USTC) stablecoin, erasing an estimated $40 billion in market worth in a matter of days. South Korean prosecutors allege Kwon transformed illicit funds from LUNC to Bitcoin (BTC) and have recognized $314.2 million in illicit belongings. In the meantime, United States prosecutors have charged Kwon with eight counts of fraud associated to his promotion of the Terra Luna blockchain. 

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