South Korean Prosecutors Uncover Alleged $314 Million in Related Criminal Proceeds Tied to Terraform Labs Co-Founders – Bitcoin News


In accordance with a report from South Korean news source KBS, Do Kwon, the co-founder of Terraform Labs, has supposedly converted a “large portion” of his possessions into bitcoin. Prosecutors in South Korea think that Kwon’s supposed bitcoin stash was sent to an international exchange.

Report States Do Kwon Allegedly Sold a ‘Large Portion’ of His Assets for Bitcoin

A report from KBS journalist Jieun Lee states that South Korean prosecutors have discovered 414.5 billion won ($314 million) in purported criminal proceeds associated with employees of Terraform Labs. The report shows that prosecutors estimate 91.4 billion won is linked to Do Kwon, the co-founder, and 154.1 billion won is thought to be connected to co-founder Shin Hyun-seong, also known as Daniel Shin.

Seven other Terraform Labs team members are reportedly associated with an additional 169 billion won. The KBS journalist also reported that South Korean investigators suspect Kwon of selling “a large portion of his property to bitcoin and transferring it to an overseas virtual asset exchange.” In addition, South Korean prosecutors have contacted the cryptocurrency exchange Binance and asked them to “block the withdrawal of cryptocurrency owned by CEO Kwon.”

Three days ago, the Seoul Southern District Prosecutor’s Office’s financial and securities crime unit revealed that investigators had confiscated real estate worth 210 billion won from eight Terraform Labs employees, including Daniel Shin. Nevertheless, none of the real estate properties are believed to belong to Kwon, and prosecutors have stated that the Terraform Labs CEO did not have any significant property in the country.

“We are still investigating the property ownership status of the suspects, and we plan to carry out collection preservation for the confirmed property in the future in order to recover the proceeds of crime and recover damages,” a spokesperson from the Seoul prosecutors office declared.

Tags in this article
asset seizure, Binance, Bitcoin, Bitcoin Stash, Blockchain, collection preservation, criminal proceeds, Cryptocurrency, cryptocurrency industry, damages, Daniel Shin, Digital Assets, do kwon, Financial crime, Illegal Activity, international exchange, Investigation, Jieun Lee, KBS, Money Laundering, property ownership, Prosecutor’s, Real estate, recovery, securities crime, Seoul, Shin Hyun-seong, South Korea, terraform labs, Terraform Labs staff, virtual asset exchange

What are your thoughts on the discovery of these alleged criminal proceeds and property seizures? Share your opinions in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

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