Terra executives made over $300M from failed project; Do Kwon owns no property in South Korea News ▸ South Korea ▸ Terra ▸ Crime
Terra executives made over $300M from failed project; Do Kwon owns no property in South Korea
South Korea's prosecutors efforts to freeze assets belonging to Terra founder Do Kwon has been futile because he owns no asset in the country.
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Updated: Jul. 18, 2023 at 2:51 am UTC
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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 an April 7 KBS News report, the co-founder and former CEO of Chai Shin Hyun-Seong (also known as Daniel Shin) made 154.1 billion won, while seven other unnamed employees made 169 billion won.
The report noted that the Seoul prosecutors had started freezing properties belonging to Shin and these other employees so they could not sell them.
Some assets the South Korean prosecutors seized include apartments in Seoul, lands in Hwaseong and Gapyeong in Gyeonggi-do, Taean in South Chungcheong Province, and cars.
Do Kwon owns no property in South Korea
However, efforts to freeze assets belonging to Do Kwon has been futile because he owns no asset in the Asian country.
According to the report, Kwon made an estimated 91.4 billion won ($69 million) from the proceeds.
An unnamed prosecutor reportedly said:
“It was found that there is almost no property owned by CEO Kwon in Korea.”
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.
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.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems.
Terraform Labs
Terraform Labs is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins.
Do Kwon began his professional journey as an engineer, contributing to tech giants Apple and Microsoft.