South Korean prosecutors said nine former and current executives of Terraform Labs illegally raised 414.5 billion won ($314.2 million) from the project, of which about 91.4 billion won belonged to the company's CEO Do Kwon, but confirmed that none of his assets were under South Korean jurisdiction.
Local prosecutors have temporarily seized assets belonging to Terraform co-founder Shin Hyun-seung, also known as Daniel Shin, including real estate and imported cars. The country's prosecutors accuse Daniel Shin of illegally profiting more than 154.1 billion won from the Terra/Luna project. Do Kwon appears to have converted a large portion of his wealth into Bitcoin and transferred it to overseas crypto exchanges. Prosecutors said they have asked Binance to prevent Do Kwon from withdrawing his cryptocurrency. (KBS)
