Do Kwon, Terra’s disgraced co-founder has “zero” identifiable assets in his native South Korea, Seoul Southern District Prosecutors confirmed to KBS.
According to a report from national news broadcaster KBS, local officials have acknowledged that none of Kwon’s assets are under their authority, but they claim that around 91.4 billion won of the whole amount belong to him.
A domestic property affiliate of Kwon Do-Hyung, however, only identified by “0 won,” was not included in the scope of the provisional seizure.
Moreover, Shin Hyun-Seung, also known as Daniel Shin, the second founder of Terraform has had his assets temporarily taken by the authorities.
Property and imported cars are among the confiscated assets. According to the prosecutors, Shin made illegal earnings of more than 154 billion won from the failed Terra-Luna project.
Furthermore, South Korean authorities claim that nine employees, including former and current Terraform Labs leaders, illegally earned roughly 414.5 billion Korean won [$314.2 million] from the project.
There has currently been a thorough hunt for domestic properties that were purchased with the enormous riches they received from Terra.
The property freeze procedure, which entails imposing foreclosure on flats and foreign vehicles owned by former executives and others, is the first step towards retrieving the proceeds of crime, the report noted.
But what surprised the investigators was that CEO Kwon, the former CEO who amassed tens of billions in illegal profits, did not own any property in Korea.
Terra’s Do Kwon Might Have Moved His Assets Into Overseas Exchange
An official from the prosecution said, “It was found that there is almost no property owned by CEO Kwon in Korea.”
The report also makes the assumption that the founder of Terra has converted a significant portion of his assets to Bitcoin and moved them to an international exchange for digital assets.
Meanwhile, prosecutors stated they had requested Binance, the biggest exchange in the world, to prevent CEO Kwon from withdrawing any cryptocurrencies.
Recently, the Kwon’s attorneys reportedly disputed US jurisdiction, while on the run as reported by TronWeekly.
Just two weeks before, the CEO was detained in Montenegro while attempting to board a flight using fictitious documents to conceal his identity. Both the United States of America and South Korea requested his extradition once his true identity was established.