9. April 2023

Do Kwon Captured! South Korean Authorities Move to Freeze His Terra Profits

Von admin

• Do Kwon, the founder of Terra, was apprehended in March by Montenegrin authorities.
• South Korean authorities are now moving to freeze his profits from the crypto ecosystem collapse in 2022.
• They have asked for help from Binance to freeze Kwon’s Bitcoin holdings.

Do Kwon Caught

Do Kwon’s months-long run from authorities ended in March when Montenegrin authorities apprehended him. The controversial Terra Founder was able to evade authorities for months, reportedly hopping from one country to another through fake credentials.

South Korean Authorities Move To Freeze Profits

South Korean authorities are looking to freeze the Terra founder’s profits as part of a move to seize the allegedly ill-gotten gains made worth around 414.5 billion won (approximately $314.2 million at current rates). They believe that Kwon sold his assets for Bitcoin, currently held on “an overseas crypto exchange” which is likely Binance.

U.S and Singapore Investigations

Kwon faces charges of capital market laws violation in South Korea; meanwhile, in the U.S., he has been charged with fraud and selling unregistered securities; while authorities in Singapore have also launched investigations into Terra.

Binance Requested For Help

Authorities have initiated talks with Binance to freeze Kwon’s Bitcoin holdings as part of their move to seize domestic property owned by him estimated at 91.4 billion won ($69 million). However, it was found that there is almost no property owned by CEO Kwon in Korea and this has led them ask Binance for assistance on stopping any withdrawals made by Do Kwoon or his cohorts from their accounts on the platform.

Grand Tour Of Evasion

Although he asserted he was not on the run, Do Kwon was allegedly spotted in Dubai, Serbia, and Singapore before being caught by Montenegrin local police forces