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According to a local report, South Korean prosecutors have been given the green light by the Criminal Division of the Seoul Southern District Court to seize assets owned by Do Kwon, the co-founder and former CEO of Terraform Labs. The report discloses that a total of 233.3 billion won ($176 million) worth of assets have been frozen, which includes imported vehicles, bank deposits, and cryptocurrency accounts held at a digital currency exchange.<\/strong>\n<\/p>\n \n Among the mentioned possessions are bank accounts, cryptocurrencies kept on an exchange, and imported automobiles. Kwon additionally possesses a mixed residential and commercial apartment known as the \u201cGalleria Foret,\u201d as well as an officetel in Nonhyeon-dong. As per the court directive, the aforementioned items, along with the shares held with Mirae Asset Securities, won stored in Woori Bank, and unnamed exchange-held cryptocurrencies, are prohibited from being sold.<\/p>\n In the report, it is highlighted that Shin Hyun-Seong, also known as Daniel Shin<\/a>, along with a handful of Terraform Labs employees, has been indicted<\/a> on charges of fraud and violations of the Capital Markets Act. Coinciding with the seizure of Kwon\u2019s assets on May 9, 2023, an ethereum (ETH) account<\/a> affiliated with Terraform Labs transferred CVX tokens worth $8.7 million to an undisclosed destination. Notably, this movement of 1.8 million CVX occurred after a span of 277 days, precisely on the one-year anniversary<\/a> of the Terra ecosystem\u2019s collapse.<\/p>\nSeoul Court Gives Nod to Seize $176 Million in Assets Owned by Do Kwon<\/h2>\n
\nAfter reports<\/a> surfaced claiming that Do Kwon, the co-founder and former CEO of Terraform Labs, had $100 million stashed away in a Swiss bank account, a new report<\/a> by regional news outlet Hankyung reveals that South Korean prosecutors have taken action by freezing Kwon\u2019s assets. The report states that Kwon\u2019s assets are valued at approximately 233.3 billion won ($176 million). The 12th Criminal Division of the Seoul Southern District Court has given the green light for the asset forfeiture to proceed.<\/p>\n