Do Kwon’s Assets Among 414.5B Won Seized by Prosecution

Do Kwon’s Assets Among 414.5B Won Seized by Prosecution

Time Stamp: April 7, 2023 4:36 AM
Do Kwon’s Assets Among 414.5B Won Seized by Prosecution PlatoBlockchain Data Intelligence. Vertical Search. Ai.

SNEAK PEEK

  • Terra executives, including CEO Kwon Do-hyung, face asset seizure and recovery.
  • CEO Kwon’s domestic property was estimated at ‘0 won,’ and he may have transferred assets to Bitcoin.
  • Prosecutors asked Binance to block the withdrawal of crypto owned by CEO Kwon.

In a recent development, the prosecution has seized assets worth a minimum of 414.5 billion won belonging to Terra executives, including Kwon Do-hyung. Of this amount, CEO Kwon Do-hyung is estimated to have earned 91.4 billion won in criminal proceeds.

However, according to the court’s decision to preserve the collection, Kwon Do-hyung’s domestic property, identified as “0 won,” was not included in the provisional seizure. Nonetheless, it is believed that he transferred a large portion of his property to Bitcoin and sent it to an overseas virtual asset exchange.

Based on KBS news, the prosecution has asked Binance, the world’s largest exchange, to block the withdrawal of cryptocurrency owned by CEO Kwon to prevent him from accessing his illegal gains. Meanwhile, the other Terra executives, including co-founder Shin Hyun-Seong and former CEO Chai, are also targeted for asset recovery.

The property freeze process is the first step towards recovering the proceeds of crime. As per the reports, prosecutors have applied for foreclosure on apartments in Seoul owned by former CEO Shin Hyun-seong and others. Further, the prosecutor extended the foreclosure on lands in Hwaseong and Gapyeong in Gyeonggi-do, Taean in South Chungcheong Province, and foreign cars they drove. 

This is to prevent the accused from selling or stealing assets during the trial, thereby ensuring that the criminal proceeds can be recovered and justice can be served. On the other hand, Kwon recently made more headlines after refuting the U.S. legal jurisdiction. 

As per reporter Kim Dong-ho News, Kwon’s arrest has initiated a competition between law enforcement agencies in South Korea and the United States to ensure his extradition. It remains uncertain which jurisdiction will ultimately gain custody of Kwon.

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