• 17 July, 2024
News

Korean Authorities Try to Stop Do Kwon From Converting Property into Bitcoin

South Korean authorities are reportedly taking steps to prevent disgraced crypto figure Kwon Do-hyung from converting his property into Bitcoin. This move comes as part of the ongoing investigation into Terra executives, who are accused of defrauding investors with the cryptocurrencies TerraUSD and Terra Luna.

According to the report, the prosecutors have already seized assets belonging to Kwon and the other executives totaling at least $351 million. However, Kwon’s domestic property in South Korea was found to be worth “nothing” and could not be included in the provisional seizure. 

Nevertheless, they suspect that Kwon might have already exchanged a large portion of his property for Bitcoin and transferred it to an overseas virtual asset exchange. Consequently, the authorities have been analysing whether he has any property linked to his name outside the country.

To prevent him from withdrawing the cryptocurrency owned by him, the Korean authorities have reportedly asked Binance, the world’s largest exchange, to block his withdrawals. However, Binance has not yet commented on the matter.

While the exact amount of cryptocurrency owned by Kwon is not known, prosecutors estimated that his criminal proceeds amount to around $80 million. Similarly, the remaining Terra executives are said to have made $270 million.

In order for the prosecution to recoup these funds, a foreclosure process has been initiated on a number of the accused individuals’ properties, which include flats, lands, and foreign automobiles.  Such procedures are initiated so that they cannot be sold or stolen during the course of the trial.

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