South Korean prosecutors said Terraform Labs executives, including Do Kwon and Daniel Shin, earned 414.5 billion won ($314.2 million) by tricking investors into investing in the failed project.
According to an April 7 KBS News reportChai co-founder and former CEO Shin Hyun-Seong (also known as Daniel Shin) earned 154.1 billion won, while seven other unnamed employees earned 169 billion won.
The report notes that prosecutors in Seoul began freezing assets belonging to Shin and those other employees so they could not sell them.
Among the assets seized by South Korean prosecutors are apartments in Seoul, land in Hwaseong and Gapyeong in Gyeonggi-do, Taean in South Chungcheong province and cars.
Do Kwon does not own any property in South Korea.
However, efforts to freeze assets belonging to Do Kwon were in vain as he does not own any assets in the Asian country.
According to the report, Kwon made about 91.4 billion won ($69 million) from the proceeds.
An anonymous prosecutor reportedly said:
“It has been found that there are almost no properties owned by CEO Kwon in Korea.”
Kwon reportedly converted most of his properties to Bitcoin (BTC) and moved them to crypto exchanges outside of South Korea. Prosecutors said they contacted Binance to freeze Kwon’s crypto assets held on the exchange.
Meanwhile, Kwon is currently being held in Montenegro, where he was arrested with fake travel documents as he tried to board a flight to Dubai. The United States and South Korea want to extradite him to face criminal charges.
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