Kwon is thought to have left South Korea soon after the collapse of Terra-Luna, where millions of dollars invested by retail investors were lost. Prosecutors allege Do-hyung and Han Chang-jun fled Korea with the fraud proceeds. Both Kwon and Han are facing a litany of criminal charges in South Korea, with prosecutors requesting terms of up to 21 and fifteen years in jail respectively.

According to South Korean prosecutors on Friday, Kwon is a “high-profile fugitive” and does not have any identified assets in Korea. They had asked the local court to freeze Kwon’s assets as part of their investigation, however, efforts were unsuccessful due to his lack of fi-nancial activity in Korea since April 2020. The money-laundering investigation is looking into how the crypto pair moved the funds out of their personal South Korean bank accounts following the Terra-Luna collapse.

It is reported that Do-hyung Kwon and Han Chang-jun collected huge funds from the investors through Terrra-Luna and other scam projects, and fled with the proceeds leaving investors with heavy losses. The duo allegedly created a complex trail to hide the large sums of money they are suspected of stealing. Investigators have been looking into the blockchain-based payment network they used to move and conceal the funds, tracing transactions that have provided leads as far away as the U.K. and Europe.

Do-hyung Kwon and Han Chang-jun, co-founders of crypto project Terra-Luna, have been accused of embezzlement, fraud and money laundering. The dynamic duo are reported to have caused financial losses of up to USD40 billion to unwitting investors. Prosecutors in South Korea have revealed that Kwon has a zero-level of identifiable assets in his native country, affirming that efforts to freeze his assets have been unsuccessful as extensive financial activity has been absent since April 2020.

In conjunction with a two-month-long money laundering investigation, it has been revealed that the pair used a complex blockchain-based system of payment networks in order to move and conceal their ill-gotten funds. Records have come to the fore that link the two to the UK and other European states. Kwon has been arrested on charges of forgery in Montenegro and awaits extradition to the United States, where he and Han stand accused of fraud and embezzlement.

Do-hyung Kwon and Han Chang-jun, the South Korean co-founders of the failed crypto project Terra-Luna have been accused of immense fraud and money laundering. According to reports, investors suffered losses of up to USD40 billion, with the two attempting to conceal this vast sum through blockchain-based payment networks. The pair have both been charged with fraud and embezzlement in the United States and are currently awaiting extradition. South Korean prosecutors have revealed that all efforts to freeze Kwon's assets have been fruitless as he holds no identifiable assets in the country since April 2020. Upon arrest in Montenegro, authorities noted that Kwon was using fake passports as part of his escape plan, affirming his fugitive status.



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