In the latest report, The South Korean prosecutors have uncovered illicit assets worth approximately $314.2 million (414.5 billion Won) linked to Do Kwon, the co-founder of Terraform Labs, and his colleagues.
The report says that out of the total illicit fund, 91.4 billion won are directly linked to Do Kwon, who was recently detained by Interpol.
The prosecutors are thoroughly investigating Do Kwon’s assets and property in South Korea to recover the enormous profits that were obtained from Terra.
Allegedly, Do Kwon converted his illicit funds into Bitcoin via an overseas virtual asset exchange, making it unlikely for South Korean prosecutors to recover or freeze his property estimated to be valued at ‘0’ Won according to the reports.
However, they have reached out to the leading crypto exchange, Binance to cease the withdrawal of cryptocurrency owned by CEO Kwon. Binance has also shown a willingness to support Korean authority.
Binance stated in an interview, “We provided Korean LE authorities with the requested assistance. Since we cannont comment ongoing LE investigations, for any further comment please reach out to the prosecutors.”
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