Do Kwon Converted All Assets in South Korea to Bitcoin (BTC) Shortly Before Arrest: Report
South Korean authorities have reportedly found that Terraform Labs CEO and co-founder Do Kwon has zero assets in his home country.
Local media KBS reports that prosecutors have traced the domestic assets of Terraform Labs executives to collect the profits they allegedly collected from the Terra (LUNA) ecosystem.
Kwon and his associates are said to have bought a total of 414.5 billion won, or about $314.2 million, while the Terraform Labs boss has 91.4 billion won ($69 million) of the funds.
South Korean authorities have already frozen the assets of Terraform co-founder Shin Hyun-seong and others. However, they were unable to freeze any of Kwon’s assets because the disgraced crypto boss appears to have converted most of his holdings to Bitcoin (BTC). Kwon also sent the crypto stack to an exchange outside of South Korea, according to the report.
Says a prosecuting authority, according to KBS,
“It has been found that there is very little property formed and owned by CEO Kwon in the country.”
The report says prosecutors have already asked Binance to block Kwon from withdrawing some of his crypto assets on the exchange.
South Korean authorities issued an arrest warrant for Kwon in September following the collapse of LUNA and UST in May 2022. He went on the run but was arrested at Podgorica airport in Montenegro last month while trying to board a flight to Dubai using a fake Costa Rican passport.
Kwon is currently staying held in Montenegro pending investigation into the use of forged travel documents.
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Featured image: Shutterstock/Tithi Luadthong
