Do Kwon, the founder of blockchain-focused platform Terraform Labs, is being targeted by prosecution from Seoul Southern District prosecutors due to fraud charges in different countries such South Korea, US and Singapore. In order to prevent Kwon and any related associates from disposing his properties, South Korean prosecutors have moved forward in seeking for a court decision to freeze funds located in Switzerland and other countries abroad.

Kwon, who is currently under detention in Montenegro, is thought to have transferred his crypto holdings to exchange wallets, while US officials think that around $100 Million in Bitcoin have been cashed out by Kwon using a bank in Switzerland during the 11-month period while he was avoiding capture. The Seoul Southern District Prosecutor’s Office has stated that they are still in the process of determining the exact size and nature of Kwon’s assets, however, they have already frozen some funds in the attempt to protect them from potential disposal.

In their effort to freeze Kwon’s assets, prosecutors have requested additional freezing orders from multiple foreign cryptocurrency exchanges and Swiss banking account operators, already freezing accounts belonging to Kwon’s Terraform co-founder Daniel Shin, who is also the founder of Chai Corporation and was a partner of Terraform. In addition, around $127 Million in assets of 7 Terra employees have been seized, containing crypto, automobiles, structures and land.

It remains to be seen what will be the outcome of this fight to lock Kwon’s crypto stash, however the case represents a new standard of action in the cryptocurrency world and how prosecutors are trying to freeze and seize illegitimate crypto-related assets.



Other News from Today