Seoul Court Greenlights Seizure of Do Kwon’s Assets Worth $176 Million

According to a section report, South Korean prosecutors person been fixed the greenish airy by the Criminal Division of the Seoul Southern District Court to prehend assets owned by Do Kwon, the co-founder and erstwhile CEO of Terraform Labs. The study discloses that a full of 233.3 cardinal won ($176 million) worthy of assets person been frozen, which includes imported vehicles, slope deposits, and cryptocurrency accounts held astatine a integer currency exchange.

Seoul Court Gives Nod to Seize $176 Million successful Assets Owned by Do Kwon

After reports surfaced claiming that Do Kwon, the co-founder and erstwhile CEO of Terraform Labs, had $100 cardinal stashed distant successful a Swiss slope account, a caller report by determination quality outlet Hankyung reveals that South Korean prosecutors person taken enactment by freezing Kwon’s assets. The study states that Kwon’s assets are valued astatine astir 233.3 cardinal won ($176 million). The 12th Criminal Division of the Seoul Southern District Court has fixed the greenish airy for the plus forfeiture to proceed.

Among the mentioned possessions are slope accounts, cryptocurrencies kept connected an exchange, and imported automobiles. Kwon additionally possesses a mixed residential and commercialized flat known arsenic the “Galleria Foret,” arsenic good arsenic an officetel successful Nonhyeon-dong. As per the tribunal directive, the aforementioned items, on with the shares held with Mirae Asset Securities, won stored successful Woori Bank, and unnamed exchange-held cryptocurrencies, are prohibited from being sold.

In the report, it is highlighted that Shin Hyun-Seong, besides known arsenic Daniel Shin, on with a fistful of Terraform Labs employees, has been indicted connected charges of fraud and violations of the Capital Markets Act. Coinciding with the seizure of Kwon’s assets connected May 9, 2023, an ethereum (ETH) account affiliated with Terraform Labs transferred CVX tokens worthy $8.7 cardinal to an undisclosed destination. Notably, this question of 1.8 cardinal CVX occurred aft a span of 277 days, precisely connected the one-year anniversary of the Terra ecosystem’s collapse.

Kwon and his accomplice Han Chang-Joon were apprehended by Montenegro instrumentality enforcement officials arsenic they were astir to committee a backstage pitchy headed for Dubai. Kwon is presently facing extradition requests from some South Korean and U.S. authorities.

Considering the important worth of frozen assets and the ineligible actions against Do Kwon, what are your thoughts connected the imaginable consequences for the erstwhile Terraform Labs CEO? Share your thoughts and opinions successful the comments conception below.

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