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South Korean Prosecutors freeze $39.4m worth of crypto assets tied to Terraform as Do Kwon still at large

South Korean authorities keep freezing resources having a place with or attached to Terraform’s Do Kwon.

South Korean prosecutors proceed with their strain on Terraform Labs following the fiasco that occurred recently.

This time, the authorities have figured out better to freeze an astounding 56 billion won (worth around $39.4 million) in resources that are attached to Do Kwon.

As per the South Korean news source News1, prosecutors have freeze 56.2 billion won in virtual resources owned by Do Kwon – President of Terraform Labs.

This comes as the most recent development with regards to the issues surrounding the crypto expert. Prior in September, reports asserted that authorities had frozen more than $65 million in BTC apparently owned by the developer or any of his projects.[irp]

It’s likewise significant that the South Korean government additionally mentioned a red notification for Interpol.

Back then, the Seoul Southern District Prosecutor’s office said:

We have started the strategy to supplant or replace him on the Interpol red notification rundown and revoke his passport… We are giving our all to find and arrest him… He is obviously on the run as his organization’s key financial personnels likewise left South Korea for Singapore during that time.

In case you are not aware

  • An arrest warrant was issued earlier this week for the Terraform founder, known as Do Kwon, on charges of violating the country’s Capital Markets Act. The Seoul Southern District Prosecutors’ Office may also level charges of fraud with intent, a member of the team told Forkast.
  • The investigation started after the multi-billion dollar implosion of the Terra-LUNA cryptocurrency project in May. A group of investors who lost millions of dollars had filed a lawsuit against the developers of the project on a number of charges, including fraud.
  • A Terraform Labs spokesperson declined to comment on the charges facing Kwon, while Kwon himself has not responded to Forkast’s queries via text message.

Written by Grace Owell

Grace Owell is an expert freelance writer from Texas, United States of America. Her expertise measures solely on personal finance and health articles. She currently writes for newsway.com.ng

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