Join the larget crypto conference of 2024 in Bitcoin

Prosecutors to prohibit crypto assets liquidation linked with Do Kwon

Prosecutors to prohibit crypto assets liquidation linked with Do Kwon 19

South Korean enforcement agencies are trying to collect all the funds linked with Luna founder Do Kwon.

Do Kwon is the founder of Terraform Labs. Terraform was running the Terra blockchain with two native tokens, namely Luna coin & TerraUSD stablecoin. During high volatility, in May 2022, Luna & TerraUSD collapsed badly. The $40 billion market cap collapsed to nothing. Allegedly, Kown was the main mastermind behind the Terra fraud, as all the Luna & TerraUSD holders lost all of their investments.

The latest reports on Do Kwon & Terra crypto project confirmed that South Korean agencies are trying to collect all the crypto & non-crypto funds linked with Do Kwon & his friends, involved in the Terra Crypto project. 

Investigations revealed that Kwon converted the majority of his crypto holdings into Bitcoin and he is holding those holding in self-custody crypto wallets. So at this stage, enforcement agencies are failing to recover a big amount of funds. 

   -----Cryptonews AD----->>> 

BYBIT - Copy Trading

Sign up for a Bybit account and claim exclusive rewards from the Bybit referral program! Plus, claim up to 6,045 USDT bonus at .

  <<<-----Cryptonews AD-----  


So far, prospectors discovered 414.5 billion won ($314.2 million) in unlawful assets tied to Kwon, of which nearly $70 million is directly linked to the former top honcho. 

South Korean enforcement agencies also ordered top-ranked crypto exchange Binance to not provide any kind of fund withdrawal support for Kwon and also ordered to freeze all the funds related to him. 

Kwon arrests in Montenegro

After the downfall of the Terra crypto empire, Do Kwon was on the run but on 23 March he was detained by Montenegrin police at the airport, on behalf of a tip received from South Korean agencies. 

Reportedly, Kwon was using fake documents (e.g personal identity Id & passport). At present, he is facing fraud charges over using fake Id documents. 

Just a week ago, a report claimed that Kwon was operating a consultant services focussed company, which was registered by him in Oct 2022 for only 100 Serbian dinars ($0.92).

Read also: Crypto investors bullish on ETH ahead of Shapella upgrade

Prosecutors to prohibit crypto assets liquidation linked with Do Kwon



Please follow and like us:

Social media & sharing icons powered by UltimatelySocial