• South Korean prosecutors are trying to seize assets worth $314 million from eight Terra executives, including CEO Do Kwon, who was recently arrested in Montenegro.
•Do Kwon is accused of scamming investors using cryptocurrencies Terra and Luna to make substantial gains.
•Prosecutors are freezing the accused’s property and have requested crypto exchange Binance to prevent Kwon from withdrawing any cryptocurrency in order to freeze part of Do Kwon’s $69 million.

South Korea Seeks To Seize Assets From Terra Executives

The Seoul prosecutor’s office is seeking to recover assets worth $314 million from eight Terra officials, including CEO Do Kwon. The funds were allegedly obtained through a cryptocurrency scam involving Terra tokens and Luna coins.

Assets Frozen To Recover Criminal Proceeds

Prosecutors have started freezing the accused’s property, which includes repossessing homes, lands, or foreign cars they may have in South Korea. An estimated $69 million was taken by Do Kwon while Shin Hyun and the former CEO of Chai Corporation allegedly took $117 million and the remaining seven Terra workers took an additional $128 million.

Prosecutor Intervenes In Crypto Holdings

In order to recoup the estimated illegal gains from the bitcoin scheme of $314 million, prosecutors filed for foreclosure on their properties to prevent Terra executives from selling or stealing during the trial. Additionally, they requested crypto exchange Binance to prevent Kwon from withdrawing any cryptocurrency in attempt to freeze part of his alleged holdings of $69 million.

Do Kwon Has Limited Assets In Korea

A prosecution official stated that Do Kown has a small estate in Korea but he may have stashed some of his assets in bitcoin and moved them overseas into a virtual asset market.

Extradition Requested By US And South Korea

Recently it was reported that both South Korea and United States seek extradition of Do Kown after he was allegedly arrested Montenegro related with his involvement with Terraform Labs case.