South Korean Prosecutors Uncover Alleged $314 Million Criminal Proceeds Tied to Terraform Labs Co-Founders

According to a study by South Korean quality work KBS, Do Kwon, the co-founder of Terraform Labs, has converted a “large part” of his assets into bitcoin. Prosecutors successful South Korea judge that Kwon’s purported bitcoin stash was transferred to an planetary exchange.

Report Says Do Kwon Allegedly Sold a ‘Large Part’ of His Assets for Bitcoin

A report by KBS writer Jieun Lee details that South Korean prosecutors person discovered 414.5 cardinal won ($314 million) successful alleged transgression proceeds tied to employees of Terraform Labs. The study indicates that prosecutors estimation 91.4 cardinal won is associated with Do Kwon, the co-founder, and 154.1 cardinal won is purportedly linked to co-founder Shin Hyun-seong, besides known arsenic Daniel Shin.

Seven different Terraform Labs unit members are reportedly associated with an further 169 cardinal won. The KBS writer besides reported that South Korean investigators fishy Kwon of selling “a ample portion of his spot to bitcoin and transferring it to an overseas virtual plus exchange.” Furthermore, South Korean prosecutors person contacted the cryptocurrency speech Binance and requested that the speech “block the withdrawal of cryptocurrency owned by CEO Kwon.”

Three days ago, the Seoul Southern District Prosecutor’s Office’s fiscal and securities transgression portion revealed that investigators had seized existent property worthy 210 cardinal won from 8 Terraform Labs squad members, including Daniel Shin. However, nary of the existent property properties are believed to beryllium to Kwon, and prosecutors person stated that the Terraform Labs CEO did not person immoderate important spot successful the country.

“We are inactive investigating the spot ownership presumption of the suspects, and we program to transportation retired postulation preservation for the confirmed spot successful the aboriginal successful bid to retrieve the proceeds of transgression and retrieve damages,” a spokesperson from the Seoul prosecutors bureau stated.

What bash you deliberation astir the find of these alleged transgression proceeds and spot seizures? Share your thoughts successful the comments conception below.