Terraform Labs co-founder Do Kwon is in the crosshairs of many countries’ authorities at the moment. The disgraced CEO is fighting to stay out of prison in Montenegro and is now set to lose the money he collected from the Terra project.
South Korean prosecutors on April 7 reported that the former CEO of Terraform Labs, Do Kwon, along with other Terra executives earned around 414 billion Won ($314 million) from the project. The capital amassed has been labeled illegal due to the executives’ affiliation with the $40 billion collapse of the blockchain.
The $314 million earning has been reported to belong to nine employees of Terra, both former and current. Founder Do Kwon alone owns about $69 million out of the total sum. Co-founder Shin Hyun-Seong, also known as Daniel Shin, also accumulated close to $41 million from the blockchain.
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In addition to the domestic wealth, prosecutors are attempting to seize properties owned by the founders and executives in Seoul as well as Hwaseong, Gapyeong, and Taean, South Chungcheong. Interestingly, the prosecution stated that they had identified almost no property in the name of Kwon.
The prosecutors determined that the former CEO converted most of his fortune into Bitcoin and transferred it to crypto exchanges. In line with the same, Binance has been asked to block the withdrawals of Kwon’s deposits.
As it is, Kwon is facing nearly five years in prison in Montenegro for falsifying documents at the airport, where he was arrested. On the other hand, the United states is also pursuing criminal charges against Terra and Do Kwon for orchestrating a multi-billion Dollar fraud.