South Korean news publication KBS reports that Do Kwon, co-founder of Terraform Labs, had converted a “large portion” of his assets into bitcoin. South Korean prosecutors believe that Kwon’s Bitcoin stash was moved to an international exchange.
Do Kwon allegedly sold “most” of his assets for bitcoins, reports
Areport by KBS journalist Jieun Leedetails how South Korean prosecutors found 414.5 billion won ($314 million) in suspected criminal proceeds related to Terraform Labs employees. According to the report, prosecutors estimate that 91.4 billion won is related to co-founder Do Kwon and 154.1 billion won to co-founder Shin Hyun-seong (aka Daniel Shin).
Seven other Terraform Labs staff members are reportedly associated with another 169 billion won. The KBS reporter also reported that South Korean investigators suspect that Kwon “sold a large portion of his wealth to Bitcoin and transferred it to an offshore virtual asset exchange.” In addition, South Korean prosecutors contact cryptocurrency exchange Binance and ask the exchange to “block the withdrawal of cryptocurrency owned by CEO Kwon.”
Three days ago, the Financial and Securities Crimes Division of the Southern Seoul District Prosecutors’ Officerevealed that investigators had seized real estate worth 210 billion won from eight Terraform Lab team members, including Daniel Shin. However, none of the real estate is believed to belong to Kwon, and prosecutors have stated that the CEO of Terraform Labs did not have any significant property in the country.
A spokesperson for the Seoul District Prosecutor’s Office clarified, “We are investigating the suspect’s property ownership and will be conducting collection and preservation on the identified property in order to recover criminal proceeds and compensate for damages.”
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