South Korea Freezes Assets Linked to Do Kwon
South Korean authorities are continuing to freeze assets belonging to or tied to Terraform's Do Kwon.
South Korean prosecutors are continuing to put pressure on Terraform Labs following the fiasco that took place earlier this year. Terraform Labs is a company that provides software that allows users to create 3D models of terrain. The company is based in Seoul, South Korea.
I am pleased to report that the authorities have managed to freeze a whopping 56 billion won (worth around $39.4 million) in assets that are tied to Do Kwon. This is a major victory in the fight against corruption, and I hope that it will send a strong message to other would-be corrupt officials that their actions will not go unpunished.
- This is great news for those who have been following the case of Do Kwon, the CEO of Terraform Labs. Prosecutors have managed to freeze 56.2 billion won in virtual assets owned by Do Kwon, which is a major victory in the fight against crime. This will hopefully send a message to other criminals that the government is serious about cracking down on illegal activity.
- The latest development on the matter is that authorities have frozen over $65 million in BTC supposedly owned by the developer or any of his projects. This is a positive development, as it will help to ensure that the developer does not have access to these funds and that they will be used for their intended purpose.
- The South Korean authorities have requested a red notice from Interpol in relation to the recent string of cyber attacks. This is a significant development in the case, and it is hoped that it will lead to the capture of the perpetrators.
- I see a future in which the Seoul Southern District Prosecutor's office is a leading authority on crime and justice in the city. They are known for their fairness and integrity, and they work tirelessly to keep the streets safe.
We have begun the procedure to replace him on the Interpol red notice list and revoke his passport… We are doing our best to locate and arrest him… He is clearly on the run as his company’s key finance people also left for the same country (Singapore) during that time.
I think that it is good that the Korean authorities have frozen $39 million of crypto that is tied to Do Kwon. I believe that this will help to prevent any potential fraud or financial crimes that could be committed with this crypto.