By
Chimamanda U. Martha
April 5th, 2024
Seoul Southern District Court has now issued a court order that prohibits the sale of several of Do Kwon’s properties.
South Korean authorities may have frozen personal assets worth 233.3 billion Korean won ($176 million) from former CEO of Terraform Labs, Do Kwon. According to a fresh report from local news agency Hankyung, the move is part of the ongoing criminal proceedings against Do Kwon.
The report confirms that Chief Judge Yun Chan-Young of the 12th Criminal Division of the Seoul Southern District Court has now issued a court order that prohibits the sale of several of Do Kwon’s properties. These include his Galleria Foret apartment complex at the heart of Seoul, an officetel, and some cars.
Furthermore, the order also bans Do Kwon from disposing of his other financial assets. This means that, while awaiting a final verdict, he may not sell any of the proceeds he may have gained from his alleged crimes. Some of those could be securities, bank deposits, or even personal crypto assets safely tucked away on exchanges.
Let us remind you that on March 23, Coinspeaker reported that Kwon was arrested in Montenegro. The man behind losses of over 40 billion dollars was caught at the Podgorica airport with falsified documents and was subsequently charged. And ever since, South Korea, the US, and even Singapore have been working on his extradition.
More Bad News for Do Kwon
It might be interesting to note how Do Kwon went from being a celebrated “crypto king” to one of the most wanted men in the world in less than a year. His fortunes took a downturn after the collapse of the original version of the LUNA. While the collapse was enough to birth the seemingly unending crypto winter that’s currently ongoing, all accusing fingers pointed to Do Kwon and his Terraform Labs. There were claims that the May de-pegging of its native TerraUSD (USTC) stablecoin may have been premeditated.
South Korean prosecutors allege that Kwon has converted no less than $314.2 million worth of illicit funds from LUNA Classic (LUNC) tokens to Bitcoin. On the other hand, United States prosecutors are also charging him with eight counts of fraud related to the way he promoted the Terra Luna blockchain.
Before the incident, LUNA was well on track to become one of the top 10 biggest cryptocurrencies in the world.