{"id":76870,"date":"2023-04-07T17:06:27","date_gmt":"2023-04-07T14:06:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=76870"},"modified":"2025-09-10T19:54:41","modified_gmt":"2025-09-10T16:54:41","slug":"prosecutors-uncover-314-million-linked-to-terraform-labs-and-do-kwon","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/prosecutors-uncover-314-million-linked-to-terraform-labs-and-do-kwon\/","title":{"rendered":"Prosecutors uncover $314 million linked to TerraForm Labs and Do Kwon"},"content":{"rendered":"

South Korea’s prosecutors uncovered illicit assets linked to TerraForm Labs (TFL) totaling 414.5 billion KRW<\/span> (~$314.2 million), including 91.4 billion KRW (~$69 million) belonging to its founder Do Kwon. KBS News<\/a>.<\/p>\n

Part of the CEO’s funds were sent to Binance. Prosecutors asked the platform to stop withdrawals of TFL-linked funds. The exchange’s representatives confirmed Cointelegraph<\/a> that they are cooperating with the prosecutors.<\/p>\n

According to the report, the CEO, who is under investigation, transferred LUNA into Bitcoin and used overseas platforms, complicating the prosecutors’ efforts to recover the funds.<\/p>\n

According to the suit SEC<\/span> against TFL and Do Kwon, the defendants moved more than 10,000 BTC from Terraform and Luna Foundation Guard accounts to cold wallets.<\/p>\n

Since May 2022 the co-founder and the company \u201cperiodically\u201d sent these funds to a Swiss-based financial institution and converted them into cash. In total they withdrew more than $100 million in fiat<\/a>.<\/p>\n

In June the media reported that the SEC questioned company employees and found that, months before Terra’s collapse, Do Kwon began moving around $80 million monthly<\/a> to dozens of cryptocurrency wallets.<\/p>\n

On 3 April 2023, the financial crimes investigation unit of the Seoul Southern District Prosecutors’ Office seized the assets of early investors and TFL employees, including its co-founder Daniel Shin, for a total of around $205 million<\/a>. The proceedings affected real estate, vehicles and exchange assets.<\/p>\n

Earlier, South Korean authorities issued an arrest<\/a> warrant for Do Kwon and five other company employees. In October 2022 law enforcement carried out the first arrest<\/a>, but the court did not detain<\/a> the company employee.<\/p>\n

On March 23, 2023 Montenegro police arrested<\/a> Do Kwon, who was attempting to fly from Podgorica airport to Dubai using forged documents.<\/p>\n

The arrest occurred at the request of law-enforcement authorities of the United States, Singapore<\/a> and South Korea. Earlier, media citing Seoul prosecutors reported that he is hiding in Serbia<\/a>.<\/p>\n

On March 29 it became known that Do Kwon will appear before a court in Montenegro<\/a> prior to extradition.<\/p>\n

U.S. federal prosecutors filed<\/a> eight-count charges against the TFL co-founder.<\/p>\n","protected":false},"excerpt":{"rendered":"

South Korea’s prosecutors uncovered illicit TerraForm Labs (TFL) assets worth 414.5 billion KRW (~$314.2 million), including 91.4 billion KRW (~$69 million) belonging to founder Do Kwon. KBS News reports.<\/p>\n","protected":false},"author":1,"featured_media":76871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[974,852],"class_list":["post-76870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-south-korea","tag-terra"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=76870"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76870\/revisions"}],"predecessor-version":[{"id":76872,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76870\/revisions\/76872"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/76871"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=76870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=76870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=76870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}