{"id":19581,"date":"2023-04-07T15:02:46","date_gmt":"2023-04-07T15:02:46","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/south-korean-prosecutors-uncover-alleged-314-million-criminal-proceeds-tied-to-terraform-labs-co-founders-bitcoin-news\/"},"modified":"2023-04-07T15:02:46","modified_gmt":"2023-04-07T15:02:46","slug":"south-korean-prosecutors-uncover-alleged-314-million-criminal-proceeds-tied-to-terraform-labs-co-founders-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/south-korean-prosecutors-uncover-alleged-314-million-criminal-proceeds-tied-to-terraform-labs-co-founders-bitcoin-news\/","title":{"rendered":"South Korean Prosecutors Uncover Alleged $314 Million Criminal Proceeds Tied to Terraform Labs Co-Founders \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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According to a report by South Korean news publication KBS, Do Kwon, the co-founder of Terraform Labs, has converted a \u201clarge part\u201d of his assets into bitcoin. Prosecutors in South Korea believe that Kwon\u2019s purported bitcoin stash was transferred to an international exchange.<\/strong><\/p>\n

Report Says Do Kwon Allegedly Sold a \u2018Large Part\u2019 of His Assets for Bitcoin<\/h2>\n

A report<\/a> by KBS journalist Jieun Lee details that South Korean prosecutors have discovered 414.5 billion won ($314 million) in alleged criminal proceeds tied to employees of Terraform Labs. The report indicates that prosecutors estimate 91.4 billion won is associated with Do Kwon, the co-founder, and 154.1 billion won is purportedly linked to co-founder Shin Hyun-seong, also known as Daniel Shin.<\/p>\n

Seven other Terraform Labs staff members are reportedly associated with an additional 169 billion won. The KBS journalist also reported that South Korean investigators suspect Kwon of selling \u201ca large part of his property to bitcoin and transferring it to an overseas virtual asset exchange.\u201d Furthermore, South Korean prosecutors have contacted the cryptocurrency exchange Binance and requested that the exchange \u201cblock the withdrawal of cryptocurrency owned by CEO Kwon.\u201d<\/p>\n

Three days ago, the Seoul Southern District Prosecutor\u2019s Office\u2019s financial and securities crime unit revealed<\/a> that investigators had seized real estate worth 210 billion won from eight Terraform Labs team members, including Daniel Shin. However, none of the real estate properties are believed to belong to Kwon, and prosecutors have stated that the Terraform Labs CEO did not have any significant property in the country.<\/p>\n

\u201cWe are still investigating the property ownership status of the suspects, and we plan to carry out collection preservation for the confirmed property in the future in order to recover the proceeds of crime and recover damages,\u201d a spokesperson from the Seoul prosecutors office stated.<\/p>\n

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\nTags in this story
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asset seizure<\/a>, Binance<\/a>, Bitcoin<\/a>, Bitcoin Stash<\/a>, Blockchain<\/a>, collection preservation<\/a>, criminal proceeds<\/a>, Cryptocurrency<\/a>, cryptocurrency industry<\/a>, damages<\/a>, Daniel Shin<\/a>, Digital Assets<\/a>, do kwon<\/a>, Financial crime<\/a>, Illegal Activity<\/a>, international exchange<\/a>, Investigation<\/a>, Jieun Lee<\/a>, KBS<\/a>, Money Laundering<\/a>, property ownership<\/a>, Prosecutor’s<\/a>, Real estate<\/a>, recovery<\/a>, securities crime<\/a>, Seoul<\/a>, Shin Hyun-seong<\/a>, South Korea<\/a>, terraform labs<\/a>, Terraform Labs staff<\/a>, virtual asset exchange<\/a><\/div>\n<\/div>\n

What do you think about the discovery of these alleged criminal proceeds and property seizures? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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