South Korean prosecutors mentioned Terraform Labs executives, together with Do Kwon and Daniel Shin, made 414.5 billion gained ($314.2 million) by tricking traders into investing within the failed challenge.
Based on an April 7 KBS Information report, the co-founder and former CEO of Chai Shin Hyun-Seong (often known as Daniel Shin) made 154.1 billion gained, whereas seven different unnamed staff made 169 billion gained.
The report famous that the Seoul prosecutors had began freezing properties belonging to Shin and these different staff so they might not promote them.
Some belongings the South Korean prosecutors seized embrace residences in Seoul, lands in Hwaseong and Gapyeong in Gyeonggi-do, Taean in South Chungcheong Province, and automobiles.
Do Kwon owns no property in South Korea
Nonetheless, efforts to freeze belongings belonging to Do Kwon has been futile as a result of he owns no asset within the Asian nation.
Based on the report, Kwon made an estimated 91.4 billion gained ($69 million) from the proceeds.
An unnamed prosecutor reportedly mentioned:
“It was discovered that there’s virtually no property owned by CEO Kwon in Korea.”
Kwon reportedly transformed most of his properties into Bitcoin (BTC) and moved them into crypto exchanges exterior South Korea. Prosecutors mentioned they’d contacted Binance to freeze Kwon’s crypto belongings held on the trade.
In the meantime, Kwon is at the moment held in Montenegro, the place he was arrested with pretend journey paperwork whereas making an attempt to board a flight to Dubai. Each the U.S. and South Korea wish to extradite him to face felony expenses.
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