Terra Founder’s Tens of Million Dollars of Assets Seized!

Hankyung, a local South Korean news outlet, has wreaked havoc on the crypto market with its collapse last year. Terraform Labs reported that $176 million in assets of one of its founders, Do Kwon, was confiscated as part of the ongoing investigation.

Seoul District Court judge Yun Chan-Young, who is dealing with the Terra case in the country, has banned the sale of Do Kwon’s assets in South Korea. The properties in question include an apartment complex and imported luxury vehicles. Portable assets include bank accounts, cryptocurrencies and financial assets.

Under South Korea’s civil law, judges have the power to seize assets that defendants have acquired by committing a crime.

Where is Do Kwon?

The founder of Terra, who was caught with a fake passport while he was about to leave Montenegro on March 23, 2023, is still under arrest in Europe. South Korean and US officials demanded that Kwon be extradited to their countries. Montenegrin authorities, on the other hand, have not yet made a joint decision on where the crypto phenomenon will be prosecuted.

in May of 2022 LUNA With the collapse of its ecosystem, $ 40 billion in market value was wiped out. South Korean prosecutors allege that Do Kwon turned LUNC assets into Bitcoin.