Terra executives made over $300M from failed project; Do Kwon owns no property in South Korea
South Korean prosecutors said 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.
According to April 7th KBS News reportChai Shin Hyun-sung, co-founder and former CEO (also known as Daniel Shin) earned 154.1 billion won, while seven other unnamed employees earned 169 billion won.
Prosecutors in Seoul have reportedly begun freezing properties owned by Shin and other employees to prevent them from being sold.
The assets seized by the prosecution include apartments in Seoul, land in Hwaseong and Gapyeong in Gyeonggi Province, Taean in South Chungcheong Province, and automobiles.
Do Kwon does not own real estate in South Korea
However, efforts to freeze assets belonging to Do-kwon were in vain as Do-kwon owns no assets in Asian countries.
Reportedly, Kwon made an estimated 91.4 billion won ($69 million) from the earnings.
An unnamed prosecutor reportedly said:
“I found out that Kwon has almost no real estate in Korea.”
Kwon reportedly converted most of his assets into Bitcoin (BTC) and transferred them to cryptocurrency exchanges outside South Korea. Prosecutors said they reached out to Binance to freeze the crypto assets Kwon held on his exchange.
Kwon, meanwhile, is currently detained in Montenegro, where he was arrested with forged travel documents while trying to board a flight to Dubai. Both the US and South Korea want to extradite him and hold him criminally responsible.
Terra executives made more than $300 million from the failed project. Do Kwon owns no property in South Korea. First appeared on CryptoSlate.