Pending Do Kwon’s trial, a South Korean judge froze the equivalent of 233.3 billion won worth of property belonging to the defendant. That’s over $175 million at today’s exchange rate.
Do Kwon sees over $175 million of his assets frozen
While just a year ago, the Terra (LUNA) ecosystem was exploding in midair, causing investors to lose $40 billionDo Kwon, founder of Terraform Labs, is currently behind bars in Montenegro.
While it is not yet clear who will be extradited from the United States or South Korea, a South Korean judge has taken the lead in freezing property belonging to the person concerned.
It is Yun Chan-Young, the chief judge of the 12th Criminal Division of the Seoul Southern District Court. Indeed, according to information reported by local media Hankyung, the value of assets blocked by the magistrate is 233.3 billion wonthe equivalent of more than $175 million.
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Among the assets that make up this heritage, we can find cryptocurrencies, real estate and various financial assets and bank deposits. This blocking measure would have been made necessary by Korean law, implying the prohibition for an accused person to dispose of property that has potentially been obtained from a crime, before his sentence was handed down.
In parallel with his arrest, the Serbian police had also seized an apartment worth 2 million euros in Belgrade, in which Do Kwon and his financial director would have resided during the run. More recently, the Wall Street Journal revealed that the founder of Terraform Labs could face up to 40 years in prisonthe largest sentence ever handed down in South Korea for financial crime.
Nevertheless, as for Sam Bankman-Fried for his part, the judicial process should take time before rendering a verdict for Do Kwon.
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Source: Hankyung
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
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