Do Kwon Held $314M in Criminal Proceeds
SEOUL, KR – South Korean news outlet KBS reported Friday that prosecutors discovered 414.5 billion won ($314 million) of alleged criminal proceeds associated with Do Kwon and Terraform Labs employees. Prosecutors also allege Kwon traded a “large part” of his assets for bitcoin using an overseas digital asset exchange.
Prosecutors estimate that Kwon personally held 91.4 billion won while his co-founder, Daniel Shin, held 154.1 billion won. Kwon, Shin, and seven other staff members at Terraform Labs were associated with an additional 169 billion won in criminal proceeds. Prosecutors have contacted Binance to request that Kwon’s withdrawals be halted.
The Seoul Southern District Prosecutor’s Office financial crimes unit recently seized 210 billion won worth of eight Terraform Labs team members, including Daniel Shin. While none of the properties are believed to be tied to Kwon, prosecutors plan to investigate to recover proceeds from the properties.
Kwon and an associate were arrested at the airport in Podgorica, Montenegro, last month while en route to Dubai. He was found to have forged travel documents for which he was charged. According to Montenegrin authorities, he will face a forgery trial before being extradited to South Korea and the United States, where he faces federal charges.
