• Terra executives made over $300M from failed project.
• Do Kwon owns no property in South Korea, so prosecutors are unable to freeze his assets.
• Kwon converted his properties into Bitcoin and moved them to crypto exchanges outside of South Korea.
Terra Executives Make Over $300 Million
South Korean prosecutors have reported that Terraform Labs executives, including Do Kwon and Daniel Shin, made 414.5 billion won ($314.2 million) by tricking investors into investing in the failed project. It was also noted that Shin made 154.1 billion won, while seven other unnamed employees made 169 billion won.
Do Kwon Owns No Property In South Korea
South Korean prosecutors had started freezing properties belonging to Shin and these other employees so they could not sell them; however, efforts to freeze assets belonging to Do Kwon has been futile because he owns no asset in the Asian country. It was estimated that Kwon had made 91.4 billion won ($69 million) from the proceeds of the project and an unnamed prosecutor said „It was found that there is almost no property owned by CEO Kwon in Korea.“
Kwon Converted His Assets To Bitcoin
Kwon reportedly converted most of his properties into Bitcoin (BTC) and moved them into crypto exchanges outside South Korea. Prosecutors said they had contacted Binance to freeze Kwon’s crypto assets held on the exchange.
Kwon Arrested With Fake Travel Documents
Meanwhile, Kwon is currently held in Montenegro where he was arrested with fake travel documents while trying to board a flight to Dubai. Both the U.S. and South Korea want to extradite him to face criminal charges for his involvement with Terraform Labs’ failed project.
In conclusion, Terra executives have made over $300 million from a failed project but due to Do Kown owning no property in South Korea, it has been difficult for prosecutors to freeze his assets as he has converted them all into Bitcoin and moved them onto crypto exchanges outside of South Korea – where he is now being held on criminal charges for fraud related activities related with Terraform labs‘ failed project which both US and South Korean authorities wish for him to be extradited for trial over these charges