Crypto exchange Binance is reportedly cooperating with South Korean authorities to freeze assets linked to Do Kwon.
Prosecutors in South Korea have reportedly discovered $314.2 million (or 414.5 billion won) in illicit funds tied to Terraform Labs co-founder Do Kwon and his associates.
According to a South Korean daily KBS report, Do Kwon is allegedly tied to approximately $69 million (or 91.4 billion won) of those assets.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe – We publish new crypto explainer videos every week!
However, none of those funds are recoverable or subject to South Korean jurisdiction. This is primarily because the CEO of Terraform Labs, currently under arrest, allegedly converted most of the illicit funds to Bitcoin (BTC) via international cryptocurrency exchanges rather than investing in physical assets in South Korea.
It is believed that South Korean authorities requested crypto exchange Binance to freeze any withdrawal requests associated with Do Kwon.
When asked about the matter, the Binance spokesperson confirmed that they are cooperating with the prosecutors and providing all the necessary assistance.
We provided Korean LE authorities with the requested assistance. Since we cannot comment on ongoing LE investigations, for any further comment please reach out to the prosecutors.
South Korean prosecutors are actively working on tracking down assets related to Terraform Labs executives and employees. On April 3rd, homes and other assets were seized from Terraform Labs’ former employees in an attempt to prevent them from selling items that might be linked to legal cases.
While South Koreans are seizing assets owned by entities tied to Terraform Labs, the mastermind behind the crypto project, Do Kwon, is spending his days in Montenegro prison. The man was arrested on March 23rd in Podgorica airport with falsified travel documents.
It is worth noting that both South Korea and the United States are asking Montenegro for Do Kwon’s extradition. However, Montenegro authorities claim that before any extradition, Terraform Labs CEO has to pay for illegal actions committed in Montenegro.