Terra Execs Profit Over $300M from Failed Project
As per a recent report by KBS News on April 7, Terraform Labs executives, comprising Do Kwon and Daniel Shin, allegedly duped investors into investing in a project that failed.
This resulted in a profit of 414.5 billion won ($314.2 million). While Shin made 154.1 billion won, seven other employees earned 169 billion won.
Seoul prosecutors have frozen Shin’s and the employees’ assets, including apartments in Seoul, lands in Hwaseong, Gapyeong, and Taean, along with cars.
However, Do Kwon owns no property in South Korea, and attempts to freeze his assets have been unsuccessful.
Reportedly, Kwon made around 91.4 billion won ($69 million) from the scam, most of which he converted into Bitcoin and transferred to crypto exchanges outside South Korea.
The prosecutors have contacted Binance to freeze Kwon’s crypto assets.
Kwon has been apprehended in Montenegro, where he was caught with false travel documents while trying to fly to Dubai.
The US and South Korea are both seeking his extradition to face criminal charges.