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.
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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.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
