Local South Korean news source Hankyung reported that $176 million worth of assets were seized as part of the ongoing investigation of Terraform Labs co-founder Do Kwon, whose collapse last year threw the crypto market together.
Seoul District Court judge Yun Chan-Young, who is dealing with the Terra case in the country, has banned the sale of Do Kwon's assets in South Korea. The properties in question include an apartment complex and imported luxury vehicles. Portable assets include bank accounts, cryptocurrencies and financial assets.
Under South Korea's civil law, judges have the power to seize assets that defendants have acquired by committing a crime.
Where is Do Kwon?
The founder of Terra, who was caught with a fake passport while he was about to leave Montenegro on March 23, 2023, is still under arrest in Europe. South Korean and US officials demanded that Kwon be extradited to their countries. Montenegrin authorities, on the other hand, have not yet made a joint decision on where the crypto phenomenon will be prosecuted.
With the collapse of the LUNA ecosystem in May of 2022, $40 billion in market capitalization was wiped out. South Korean prosecutors allege that Do Kwon turned LUNC assets into Bitcoin.