Executives at Terraform Labs recently became the focus of a slew of allegations when it was uncovered that they had made a profit of over $300 million in a scam. Do Kwon and Daniel Shin, were two of the executives that were implicated in this scheme. Shin reportedly made $154.1 million whereas seven other executives made $168 billion. South Korean prosecutors have taken many measures to freeze assets including multiple homes in Seoul, Gapyeong, Hwaseong and Taean, cars and more.

Kwon meanwhile, does not have any assets in South Korea and has eluded investigators. According to reports, Kwon made $91.4 million and converted it into Bitcoin and sent it to crypto exchanges outside South Korea. The investigators have contacted Binance to freeze Kwon's assets but to no avail.

Kwon is currently being held in Montenegro and is facing charges stemming from fraudulent travel documents and trying to flee to Dubai. Both the US and South Korea are trying to extradite Kwon to face criminal charges.

The Terraform Labs scandal has brought up many questions about whether executives were exploiting loopholes in the law and taking advantage of crypto investors. This case is bound to have a significant effect on the crypto community and the view of cryptocurrency as a whole. Governments will now be more stringent with regulations related to cryptocurrencies to protect investors and prevent scams.



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